Argentina economic activity grows less than expected in April
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People exercise inside an office building, in Buenos Aires, Argentina August 9, 2022. REUTERS/Agustin Marcarian
BUENOS AIRES, June 29 (Reuters) - Argentina's economic activity grew less than expected in April, official data showed on Monday, as gains in mining and agriculture were partly offset by weakness in manufacturing and commerce.
The 1.6% increase in Latin America's third-largest economy fell short of the 2.2% growth projected by analysts polled by Reuters and slowed from the 6.2% rise recorded in March.
April's growth was driven primarily by agriculture, livestock, hunting and forestry, as well as mining and quarrying, INDEC said.
Eight of the sectors tracked by the monthly economic activity indicator recorded contractions from a year earlier, led by fishing, while manufacturing and wholesale and retail trade also declined.
The April reading points to a still-uneven recovery under libertarian President Javier Milei, whose government has sharply cut public spending to curb inflation while seeking to revive growth in industry, consumption and construction.
(Reporting by Hernan Nessi and Kylie Madry; Writing and editing by Fabiola Aramburo)
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