Argentina economy stalls again in June in challenge for Milei

BUENOS AIRES (Reuters) - Argentina's economic activity fell 3.9% in June compared to the same month last year, official data showed on Wednesday, as the economy shrunk again during the month after a rare rise in May.

The June downturn was double the 1.9% contraction expected by analysts surveyed by Reuters. The maximum drop predicted in the survey estimated that the beleaguered South American economy would shrink by 3.2%.

Tough austerity measures championed by libertarian President Javier Milei aiming at reining in triple-digit inflation have taken a toll on consumption, as well as in the key building and manufacturing sectors.

According to the data, construction was down nearly 24% year-on-year in June, while manufacturing activity dipped 20% for the month.

Argentina's grains-driven farm and ranching sector, meanwhile, saw the most growth of any sector, as activity surged more than 82% in June.

(Reporting by Hernan Nessi; Writing by Brendan O'Boyle; Editing by David Alire Garcia)

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