Argentina's 2024 economy shrinks 1.7% despite late-year rebound

BUENOS AIRES (Reuters) - Argentina's economy shrank 1.7% in 2024 compared with the prior year, but expanded for the second consecutive time in quarterly terms in the last three months of the year, the country's statistics agency said on Wednesday.

Argentina's gross domestic product (GDP) however expanded 1.4% in the fourth quarter compared to the previous one in seasonally-adjusted terms, marking the second quarter-on-quarter expansion in a row.

Year-on-year, Argentina's gross domestic product (GDP) also posted an increase of 2.1% in the October to December period, beating analysts' forecasts for a 1.7% expansion.

Argentina's economy faltered in early 2024 as industry slowed amid a harsh austerity measures from libertarian President Javier Milei, but showed a rebound in the later months of last year.

The country has seen its sky-high inflation slow to 66.9%, as the government seeks to tackle economic woes by stripping away capital controls, but residents are still struggling against spiralling costs and slashes public services.

(Reporting by Aida Pelaez-Fernandez and Hernan Nessi; Editing by Sarah Morland)

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