Argentina 2024: Key Economic and Political Highlights

The Milei Administration took office in December 2023, marking the beginning of a new era. During this time, Argentina was experiencing significant social unrest and a deteriorating economic situation, characterized by high inflation and a stagnant economy. The administration's primary focus was on addressing these economic challenges, with a particular emphasis on achieving fiscal balance. This objective was underpinned by a robust social mandate aimed at mitigating inflation. The following graphs provide a visual representation of the government's performance in the economic and political spheres.

The administration began with a surge in year-over-year inflation; however, as of May, a deceleration trend emerged for the first time in several years. November's inflation rate stood at 2.4%, marking the lowest figure in over four years.(See Inflations' Chart)

In the first half of the year, economic activity contracted due to a combination of factors, including reduced government spending and the lingering effects of high inflation. However, towards the latter part of the year, signs of economic recovery emerged. (See Economic Activity' Chart)

In January 2024, the government achieved a primary fiscal surplus for the first time since 2012. This positive outcome was maintained throughout the year, aligning with the President’s strong mandate of fiscal balance. (See Fiscal Result' Chart)

President Milei maintained consistently high approval ratings throughout the year. While this is not unusual for the initial months of a new administration, it is noteworthy in the context of spending cuts and some unpopular measures implemented by the government. (See Javier Milei's Approval' Chart).