Meanwhile, Argentina's GDP contracted by 2.1% year-on-year in the same period, according to Indec.

Argentina's economy recorded its first quarterly expansion since entering a technical recession in late 2023 in July-September, but contracted again on an annual basis, official data showed on Monday.

Gross domestic product (GDP) expanded 3.9% in the third quarter in seasonally adjusted terms compared to the second quarter, after three consecutive quarterly declines, according to a report by the National Institute of Statistics and Census (Indec).

Compared with the previous year, GDP fell by 2.1%, the sixth consecutive contraction, compared with analysts' forecasts for a 2.6% drop.

In its technical report, Indec pointed out that among the components of demand, the largest decrease was recorded in Gross Fixed Capital Formation, with -16.8% year-on-year. Among the activity sectors, the declines in Construction (-14.9%), Fishing (-6.7%) and the activities of Wholesale, Retail Trade and Repairs (-6.1%) stood out. In turn, the Agriculture, Livestock, Hunting and Forestry sector grew (13.2%).

Argentina's economy has faltered as industry slowed amid a harsh austerity drive by libertarian President Javier Milei.

Milei's government has cut social spending and launched mass layoffs in the public sector, and one of the highest annual inflation rates in the world has fallen to 166%. But the economy has slowed and poverty rates have risen above 50%.