We cut our GDP growth forecast by 0.3ppts to 3.5% for 2025 and by 0.1ppt to 3.9% for 2026. The revision is due to base effects from a better-than-expected Q3 performance in the external sector. Our forecast for next year is lower than consensus for 2025 but higher for 2026. The approved RIGI scheme presents an upside risk to growth, while the La Niña weather pattern causing droughts poses a downside risk.
Argentina: Milei's popularity is rising but risks remain