Economic activity in Argentina fell 3.3% in September compared to the same month of 2023, marking four consecutive months of decline, the National Institute of Statistics and Censuses (Indec) reported on Friday.
The data, which serves as provisional advance to measure the quarterly variation of gross domestic product (GDP), also shows a contraction of 0.3% compared to last August.
In the ninth month of the year, the different economic sectors were functioning in a manner inflationary deceleration scenariobut remains very high year-on-year (209% in September).
Consumption continues to declinein a scenario of strong adjustment carried out by the government of Javier Milei, but with a decline not as brutal as that recorded in the first half.
According to Indec figures, in September, the sectors that have increased These were Agriculture, with 3.1%; Mining with 7.6%, Financial activity, with 2.5% and Education, with 0.4%.
On the contrary, the the divisions that fell were Construction, with -16.6%; Commerce, with -8.3%; and the manufacturing industry, with -6.2%.
During the first nine months of the year, Argentine economic activity accumulated a drop of 3.1%.
According to the latest private projections collected by the Central Bank, Argentina’s GDP would fall by 3.6% in 2024of a contraction of 1.6% in 2023.
For 2025, projections are generally positivealthough, while the government forecasts a vigorous recovery of the economy of 5%, private consultants surveyed by the Central Bank predict a more moderate growth, of 3.6%.
National Arts Fund without “donating money”
On the other hand, the Argentine government announced this Friday a “profound restructuring” of the National Arts Fund (FNA)with the aim of save the “original spirit” of this organization which, according to him, spends an “unacceptable proportion” of its resources for itself instead of “being a source of financing for artists”.
“The organization needed a major overhaul: collects royalties from universal works but spends an unacceptable proportion of these resources on itself; thus, an organization meant to help art in practice over the years was created. become a burden on the sector”expressed the Minister of Deregulation and State Transformation, Federico Sturzenegger, on the social network X.
Sturzenegger added that the aim of this decree is “to organize the tasks of the FNA and to save its original spirit: to be a source of financing for artists”, which is why he will limit the use of its funds to “granting of credits to artists who, in addition, will be denominated in UVA in order to avoid the liquefaction of capital”.
The Argentine Executive indicated that the FNA allocated in 2023 the 72% of your budget for operating expenses and affirmed that the announced changes aim at “a sustainable FNA for the benefit of artists and not the bureaucracy”, so that “its main activity is to offer opportunities and funding but not to give money”.
Nevertheless, The decree contemplates private donationswhich will be “the only resources that can be used to award scholarships or subsidies”, as well as the financial gains from the credits.
Likewise, the new regulations – in force for all practical purposes from April 1, 2025 – will reduce the powers of the Board of Directors of the Fund, which will become “ad honorem”after “Kirchnerism awarded him large salaries”, in the same way as will reduce the payroll of its staff by 25%“generating a more efficient and professional structure”.
