Argentina’s economic activity grew 2.4% year-on-year in August 2025, slowing from an upwardly revised 3.1% in July and missing expectations of a 2.5% expansion. The deceleration reflected weaker performance across several sectors, including agriculture (-1.4% vs. 1.2% in July), manufacturing (-5.1% vs. -1.3%), construction (1.5% vs. 2.8%), trade (-1.7% vs. 2.8%), real estate and business services (2.9% vs. 4.1%) and education (1.1% vs. 1.3%). By contrast, hotels and restaurants accelerated (6.4% vs. 6.0%), transport and communications picked up (2.6% vs. 0.9%) and financial intermediation remained a major positive contributor (26.5% vs. 23.3%). Utilities continued to contract but slightly less so (-1.6% vs. -2.1%) and the public sector’s small decline persisted (-0.4% vs. -0.5%). Mining stayed in expansion but at a slower pace (9.3% vs. 13.5%). On a monthly, seasonally-adjusted basis, activity rose 0.3%, while the trend-cycle fell 0.1%.