Argentina economy expands for first time since middle of last year

BUENOS AIRES (Reuters) - Argentina's economy grew for the first time in half a year, posting a modest 0.1% year-on-year expansion in November that beat expectations, official data showed on Thursday.

Analysts surveyed by Reuters had forecast a 0.6% contraction in the grains-rich South American nation.

The data points to a possible turnaround for Argentina's battered economy, which was hit hard by libertarian President Javier Milei's tough austerity measures aimed at lowering inflation and stabilizing.

The data compares with a 0.6% year-on-year contraction the prior month and is the first expansion since 1.4% growth in May last year, according to revised data. Growth in November was mainly driven by the fishing sector and the financial intermediation sector, according to data from the statistics agency INDEC.

Some 10 productive sectors contracted in November, according to the data, with the construction and commodities sectors posting the largest declines.

Argentina's economic activity increased 0.9% in November versus a month earlier, the second monthly increase in a row.

(Reporting by Aida Pelaez-Fernandez and Walter Bianchi; Editing by David Alire Garcia and Anthony Esposito)

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