Argentina’s economic activity rose 2.9% year-on-year in July 2025, slowing from a downwardly revised 6.1% in June. The deceleration reflected weaker performance across several sectors, including agriculture (0.7% vs 3.6% in June), construction (1.3% vs 9.9%), trade (4.3% vs 11.5%), hospitality (5.9% vs 4.3%), transport and communications (1.5% vs 1.2%), financial services (23.2% vs 28.7%), real estate and business services (4.3% vs 5.5%), and education (1.2% vs 1.1%). Utilities (-1.8% vs +8.6%) and manufacturing (-1.8% vs 7.8%) swung into contraction, while the public sector’s small decline persisted (-0.6% vs -0.7%). In contrast, mining accelerated (+13.4% vs +11.0%). On a monthly, seasonally-adjusted basis, activity slipped 0.1%, while the trend-cycle was broadly unchanged.