La verdad detrás del “crecimiento económico” | Con Claudio Lozano y Matias Rajnerman

In this edition, we thoroughly analyze the economic activity data published by INDEC and the debate it sparked in the media, consulting firms, and among specialists. The official figure showed growth, but behind that headline lie methodological corrections, sectors driving growth for unhealthy reasons, and an economy that continues to show clear signs of recession. Together with Claudio Lozano and Matías Rajnerman, we dissect the data in depth: • Financial intermediation accounts for a significant portion of the growth, but this is driven more by foreign exchange operations, bond volatility, and speculative movements than by real economic activity. • Excluding this sector, activity falls, confirming a recessionary scenario. • Industry, construction, and commerce—the sectors that generate the most employment—show sharp declines. • Formal employment continues to deteriorate, and domestic consumption is failing to recover. • The backward revision of the EMAE (Monthly Economic Activity Estimator) altered the quarter's trend, allowing the government to show growth where there had previously been a decline. • We discuss whether there is a process of productive “restructuring” underway or if we are facing an extractive and financial model, lacking an industrial policy and the capacity to generate mass employment. • We also analyze what's coming: – exchange rate tension, – the need for external financing, – possible inflationary acceleration if the dollar fluctuates, – labor and tax reforms on the agenda. A comprehensive debate to understand what is happening “beneath” the official figures and what the Argentine economy can expect in the coming months. #EconomicsWithoutFallacies #ArgentineEconomy #EconomicActivity #INDEC #Recession #Employment #Industry #Inflation #Dollar #Production #EconomicAnalysis #GuidoAgostinelli #EconomicDebate #Argentina2025 #EconomicData #EconomicGrowth