UPDATE 1-Argentina economic activity up 5.5% in March, above expectations

March's economic rebound was driven primarily by the agriculture, livestock, ⁠and ​forestry sector, ⁠which saw a 17.9% surge year-on-year, as well as ⁠the mining and quarrying industry, which jumped 16.3% compared ​to the same month last year. Of the sectors ⁠tracked by the EMAE monthly economic activity indicator, only public ⁠administration, ​defense, and social security recorded a contraction, falling 1.2% year-on-year.

​Argentina's economic activity climbed ‌5.5% in ​March compared with the same month last year, data from ‌Argentina's national statistics agency showed on Thursday.

The jump for Latin America's third-largest economy surpassed the 2.1% growth ‌projected by analysts polled by Reuters and ‌was up from the 2.1% drop recorded in February. March's economic rebound was driven primarily by the agriculture, livestock, ⁠and ​forestry sector, ⁠which saw a 17.9% surge year-on-year, as well as ⁠the mining and quarrying industry, which jumped 16.3% compared ​to the same month last year.

Of the sectors ⁠tracked by the EMAE monthly economic activity indicator, only public ⁠administration, ​defense, and social security recorded a contraction, falling 1.2% year-on-year. Libertarian President Javier Milei ⁠has managed to significantly slash inflation through aggressive fiscal tightening and ⁠is ⁠aiming to boost activity in industrial, consumer, and construction sectors.