Over 44% of workers labor outside the formal sector, while underemployment surpassed 11%

The situation adds urgency to Milei’s bet that the ‘trickle-down effect’ of mining and energy will lead to more formal jobs

An INDEC report also stated that the country registered a new export record in May

Mining and energy demand massive investments, but fail to create direct employment on the same scale

China leads the sector, which registered a 760% y-o-y growth in June after import restrictions were eased in December

Milei will try for a third time to draw out the estimated US$255 billion outside of the banking system, more than 5 times the IMF’s record 2018 loan

Despite the sector’s historic growth, the economic spillover into the provinces where the activity is concentrated is still lagging

This is the first time in a year that inflation has fallen for two consecutive months. Accumulated inflation for 2026 is 14.7%

Experts don’t foresee the news impacting Argentina’s rating, which remains at ‘very high risk of default’

Strong harvests and energy exports helped the BCRA buy US$10.1 billion