- UN says 2 peacekeepers wounded in south Lebanon explosions
- Injury-hit Australia thrash 'embarrassing' Pakistan at Women's T20 World Cup
- Internal TikTok documents show prioritization of traffic over well-being
- Israel says fired at 'immediate threat' near UN position in Lebanon
- New US coach Pochettino hails Pulisic but worries over workload
- Brazil orders closure of 2,000 betting sites
- UK govt urged to raise pro-democracy tycoon's case with China
- Sculptor Lalanne's animal creations sell for $59 mn
- From Tesla to Trump: Behind Musk's giant leap into politics
- US, European markets rise as investors weigh rates, earnings
- In Colombia, children trade plastic waste for school supplies
- Supercharged hurricanes trigger 'perfect storm' for disinformation
- JPMorgan Chase profits top estimates, bank sees 'resilient' US economy
- Djokovic proves staying power as he progresses to Shanghai semi-finals
- Sheffield Utd boss Wilder 'numb' after Baldock death
- Little progress at key meet ahead of COP29 climate summit
- Fans immerse themselves in Marina Abramovic's first China exhibition
- Israel says conducting review after UN peacekeepers wounded in Lebanon
- 'Party atmosphere': Skygazers treated to another aurora show
- Djokovic 'overwhelmed' after 'greatest rival' Nadal's retirement
- Zelensky in Berlin says hopes war with Russia will end next year
- Kyrgyzstan opens rare probe into glacier destruction
- European Mediterranean states discuss Middle East, migration
- Djokovic proves staying power as progresses to Shanghai semi-finals
- Hurricane Milton leaves at least 16 dead as Florida cleans up
- Britain face 'ultimate challenge' in America's Cup duel with New Zealand
- Lebanon calls for 'immediate' ceasefire in Israel-Hezbollah war
- Nihon Hidankyo: Japan's A-bomb survivors awarded Nobel
- Thunberg leads pro-Palestinian, climate protest in Milan
- Boat captain rescued clinging to cooler in Gulf of Mexico after storm Milton
- Tears, warnings after Japan atomic survivors group win Nobel
- 'Unspeakable horror': the attacks on Hiroshima and Nagasaki
- Stock markets diverge before China weekend briefing
- Christian villagers 'trapped' in south Lebanon crossfire
- Sabalenka sets up Gauff showdown in Wuhan semis
- EU questions shopping app Temu over illegal products risk
- Kim Sei-young holds lead with late birdies at LPGA Shanghai
- Toulouse welcome Dupont 'boost' as Olympic star returns to Top 14
- Japanese atomic bomb survivor group Nihon Hidankyo wins Nobel Peace Prize
- Deadly Israeli strike on Beirut likely targeted Hezbollah security chief
- Bangladesh Islamist chief backs crimes against humanity trial for ex-PM
- Everest climber's remains believed found after 100 years
- 20 Pakistan coal miners shot dead in attack
- Clashes on South China Sea, Ukraine dominate Asia summit
- Han Kang's books sell out in South Korea after Nobel win
- Zelensky meets Pope, Scholz as whirlwind Europe tour ends
- Hello Hallyu: why is South Korean culture sweeping the globe?
- UK economy rebounds in August in boost to new govt
- Voice of Japan's beloved robot cat 'Doraemon' dies
- Shanghai markets sink ahead of briefing on mixed day for Asia
Argentina's growth plummets 5.1% in first quarter
Argentina's austerity-hit economy contracted by 5.1 percent in the first quarter, the national statistics agency said Monday, driven by a slowdown in the construction and manufacturing industries.
President Javier Milei, who took office in December, stopped all new public works projects as part of his drive to slash spending, and the construction sector was down 19 percent, data showed.
The manufacturing industry contracted by 13.7 percent and the only sector growing was exports -- up 26.1 percent year on year.
Milei, a self-declared "anarcho-capitalist," vowed to take a chainsaw to decades of overspending and rein in inflation which in May hit 4.2 percent, its lowest point in two and a half years.
Analysts warned that the gains were a result of a massive economic slump as shoppers tighten purse strings and the poor and working classes struggle to make ends meet.
When he took office, Milei cut the cabinet in half, slashed 50,000 public jobs, ripped away fuel and transport subsidies, and sharply devalued the peso.
Milei, who is visiting the Czech Republic, on Monday hailed "the largest fiscal adjustment not only in Argentine history but also in humanity."
The statistics institute revealed that 7.7 percent of the working population was unemployed, up 0.8 percentage points compared to the same period last year.
The International Monetary Fund expects Argentina's economy to contract by 2.8 percent this year, after a 1.6-percent decline in 2023.
P.Santos--AMWN