Argentina economic activity grows at fastest pace since 2022

BUENOS AIRES (Reuters) -Argentina's economic activity increased 6.5% in January compared with the same month last year, its highest year-on-year growth since mid-2022, official data showed on Thursday.

The economy of the Latin American country registered its third consecutive month of growth, accelerating its growing pace compared with a revised 6% year-on-year expansion in December, and beating the 4.7% rise expected by analysts polled by Reuters.

Among the 10 economic sectors that recorded an increase in January, financial intermediation together with wholesale, retail and repairs was the main drivers of national growth, according to data from the statistics agency INDEC.

Argentina's battered economy has shown a possible turnaround in the past few months, after being hit hard by libertarian President Javier Milei's tough austerity measures.

On a monthly basis, Argentina's economic activity increased 0.6% in January, the fourth monthly increase in a row, but a slight slowdown from a revised 0.8% growth the prior month.

(Reporting by Sarah Morland, Walter Bianchi and Aida Pelaez-Fernandez; Editing by Kylie Madry and Diane Craft)

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