Milei's Sharp Austerity Measures Drive Steep Economic Decline in First Month as President

• Argentina's economic activity likely dropped 5.5% in January vs a year earlier • This would be a sharp decline in libertarian President Javier Milei's first full month in office • Milei has devalued the currency over 50% and slashed spending to reverse a fiscal deficit • The activity index had already dropped 4.5% year-on-year in December when Milei took office • Most sectors beyond agriculture and mining are showing considerable annual declines