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International Business Times

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AFP News

Argentina's Growth Plummets 5.1% In First Quarter

Argentina Javier Milei Economy

President Javier Milei stopped all new public works projects as part of his drive to slash spending (Credit: AFP)

Argentina's austerity-hit economy contracted by 5.1 percent in the first quarter, the national statistics agency said Monday, driven by a slowdown in the construction and manufacturing industries.

President Javier Milei, who took office in December, stopped all new public works projects as part of his drive to slash spending, and the construction sector was down 19 percent, data showed.

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