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Economic Growth in Argentina
Argentina's GDP growth over the last decade was highly volatile, marked by economic recessions and brief recoveries. The economy faced significant contractions, particularly during periods of political uncertainty and fiscal imbalances. Inflation and currency devaluation further hampered growth, with a notable recession in 2018-2019. Despite some recovery attempts, the COVID-19 pandemic exacerbated the economic downturn. In 2023, Argentina had slipped back into contraction, weighed on by soaring inflation and drought crimping agricultural production. This recession continued into H1 2024, but by end-2024 the economy was in recovery mode as inflation and interest rates declined.
In the year 2024, the economic growth in Argentina was -1.72%, compared to -2.51% in 2014 and -1.61% in 2023. It averaged -0.11% over the last decade. For more GDP information, visit our dedicated page.
Argentina GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Argentina from 2025 to 2024.
Source: Macrobond.
Argentina GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -9.9 | 10.4 | 6.0 | -1.9 | -1.3 |
| GDP (USD bn) | 385 | 486 | 633 | 651 | 638 |
| GDP (ARS bn) | 27,210 | 46,219 | 82,810 | 192,408 | 583,910 |
| Economic Growth (Nominal GDP, ann. var. %) | 26.2 | 69.9 | 79.2 | 132.3 | 203.5 |
Economy slips into contraction in the second quarter of 2025
GDP reading: Argentina's GDP was down 0.1% in seasonally adjusted quarter-on-quarter terms in Q2, following a 0.9% expansion in the previous quarter.
Drivers: Compared to the prior period's data, figures in Q2 softened for private consumption (-1.1% on a seasonally adjusted quarter-on-quarter basis vs +2.7% in Q1), fixed investment (-0.5% vs +8.9% in Q1) and imports of goods and services (-3.3% vs +16.0% in Q1). In contrast, readings picked up for government consumption (+1.1% vs -0.7% in Q1) and exports of goods and services (-2.2% vs -2.5% in Q1). In annual terms, economic output expanded 6.3% in Q2, following 5.8% growth in the prior quarter and boosted by a favorable base of comparison—the economy was mired in recession in Q2 last year.
Panelist insight: On the outlook, Itaú Unibanco analysts said: “Given the weak performance of leading indicators for 3Q25 and the impact of high real interest rates on consumption amid political turmoil, we see significant downside risks to our GDP growth forecast of 5.0% for 2025. Manufacturing and construction both declined in July, and tax collection fell in real terms in August. According to Universidad Torcuato Di Tella's monthly index, consumer confidence decreased by 13.9% from July to August, due to deteriorating macroeconomic prospects and decreased willingness to purchase durable goods and real estate.”
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Argentine GDP projections for the next ten years from a panel of 54 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Argentine GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Argentine GDP projections.
Want to get access to the full dataset of Argentine GDP forecasts? Send an email to info@focus-economics.com.
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