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President Javier Milei's Austerity Plan Causes Sharp Decline in Argentine Manufacturing Output

The manufacturing sector in Argentina experienced a 5% monthly decline in July, marking the sharpest drop in 18 months. This decline follows the implementation of President Javier Milei's austerity plan, which dismantled protectionist policies and opened the national market to global competition.

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Official data from the statistics bureau INDEC shows that industrial activity fell 4.9% year-over-year in July. Since the administration took office, the manufacturing sector has seen an overall decline of 9% compared to November 2023. Of the 16 industrial sectors analyzed, 13 have posted negative growth, with the textile industry leading the losses at -41%. The administration dismissed the job losses and decline in output as

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