The Latin American country's economy recorded its third consecutive month of growth, accelerating its pace of growth compared to a revised 6% year-over-year expansion in December.

Argentina's economic activity increased 6.5% in January compared to the same month last year, its largest year-over-year increase since mid-2022, the National Institute of Statistics and Census (INDEC) reported Thursday, a figure that was better than analysts had expected.

Thus, the Latin American country's economy recorded its third consecutive month of growth, accelerating its pace of growth compared to a revised 6% year-over-year expansion in December and exceeding the 4.7% increase expected by analysts surveyed by Reuters.

Among the 10 economic sectors that registered an increase in January, financial intermediation, along with wholesale and retail trade, and repairs, were the main drivers of national growth, according to INDEC.

Argentina's battered economy has shown signs of recovery in recent months, after being severely hit by the harsh austerity measures of libertarian President Javier Milei.

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