Argentina’s economic activity expanded 3.2% year-on-year in October 2025, slowing from 4.8% in September and coming just below expectations of 3.3%. Twelve EMAE sectors posted gains, led by fishing (91.4%) and financial intermediation (22.8%), supported by stronger activity among brokers and securities firms. In contrast, manufacturing fell 2.7%, alongside declines in public administration and defense including social security (0.8%) and hotels and restaurants (1.0%). On a seasonally adjusted basis, activity contracted 0.4% month-on-month.