Argentina’s economic activity fell 1.4% in July from a year earlier, according to the official national statistics agency, sharply underperforming the 1.8% growth analysts polled by Reuters had projected. The result also marked a reversal from June’s 2.7% year-on-year increase. Eight of the 15 sectors tracked by EMAE (monthly economic activity estimate) declined, led by wholesale, retail trade and repairs, down 5.1%, and manufacturing, down 4.6%. Seven sectors grew, with fishing up 425.5% and mining and quarrying rising 8.4%. Javier Milei’s government has cut public spending to curb inflation while seeking to revive industrial, consumer and construction activity ahead of a presidential election in 2027.