Argentina's Economic Surge Outpaces Projections

In an unexpected turn of events, Argentina's economic activity surged by 7.7% in April, compared to the same period last year, as indicated by official data released on Monday. This marked the sixth straight month of year-on-year growth, surpassing analysts' expectations of a 6.6% rise.

The financial sector spearheaded this growth with a remarkable 28.4% increase, followed by the construction sector, which saw a 17.1% rise. On a month-to-month basis, the economy recorded a 1.9% increase in April, continuing its upward trajectory from March's 5.4% growth.

President Javier Milei's government has introduced stringent austerity measures aimed at reviving the economy amidst a backdrop of severe inflation. The measures are part of a strategic effort to stabilize Latin America's third-largest economy.

(With inputs from agencies.)