We've raised our 2025 GDP growth forecast for Argentina by 0.3ppts to 3.9% but lowered our projection for 2026 by 0.5ppts to 2.6%. The 2025 revision reflects strong consumption momentum in Q1, while the 2026 cut is due to base effects. The threat of droughts due to the La Niña weather pattern, the likely deal with the International Monetary Fund, and the end of capital controls are key events to monitor in 2025. Both forecasts remain below consensus.
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