June 26th, 2026
1. Unemployment rose to 7.8% in the first quarter, and reported wages outpaced inflation in April
The unemployment rate in Argentina reached 7.8% of the economically active population (EAP) in the first quarter of 2026, according to the National Institute of Statistics and Censuses (INDEC). The rate rose by 0.3 percentage points from the last quarter of 2025 7.5% and fell by 0.1 percentage points y-o-y from 7.9% in the first quarter of 2025. In absolute terms, approximately 1.1 million people were unemployed during the survey period. The manufacturing sector led the sectoral decline: the proportion of unemployed individuals whose last job had been in that sector nearly doubled, rising from 7.3% in the first quarter of 2025 to 13.3% in the same period of 2026. In the retail sector, the share of unemployed workers rose from 15.6% to 16.6%, while in construction it fell from 18.2% to 16.8% and in domestic service it declined from 14.6% to 13.4%. Informal employment increased from 42% to 44.2% y-o-y. At the same time, INDEC reported that in April 2026, registered wages rose 3.5% and outpaced the month’s inflation rate of 2.6%. The registered private sector led the increase with a 4.0% rise, while the public sector rose 2.3%. The unregistered private sector rose 4.7%, and the overall wage index averaged 3.7%. Registered wages increased by 10.7% for the first four months of the year.
Perfil: Desempleo: la industria manufacturera lidera el aumento de la desocupación
2. GDP grew 2.3% in the first quarter, although the balance of payments closed with a deficit
Argentina’s GDP grew 2.3% y-o-y in the first quarter of 2026, according to INDEC. Compared to the fourth quarter of 2025, the economy expanded 0.7% on a seasonally adjusted basis. Growth was driven by sectors linked to natural resources. Fishing led the way with a 27.5% increase, followed by agriculture, which grew 18.1%, and mining, at 12.3%. The financial sector also grew by 7.5%. Other sectors, however, posted declines: manufacturing fell by 1.7% and public administration by 1.4%. The growth in the expanding sectors was driven by exports of goods and services—which were the main driver, rising 9.8%—and household consumption, which grew 2.7%. However, total investment in the economy fell by 11.6%. The external front showed a somewhat different picture. The current balance of payments account finished the quarter with a deficit of US$1.65 billion. Trade in goods contributed a surplus of US$6.339 billion, but this was not enough to offset other items. The main imbalance stemmed from services, with a deficit of US$4.67 billion, primarily due to spending on travel and tourism abroad, which totaled US$4.82 billion. Added to this was a negative balance of US$4.02 billion in primary income. The deficit was financed by a net inflow of US$2.39 billion in the financial account, which allowed reserves to grow by just US$11 million. Gross external debt reached US$321.78 billion in March, US$2.26 billion more than three months earlier.
TN: El motor de la economía: el campo creció más del 18% y sostuvo el PIB en el primer trimestre
3. The Chamber of Deputies gave preliminary approval to the “Super RIGI” bill, and the ruling party prevented Adorni from being questioned
On Wednesday, the Chamber of Deputies gave preliminary approval to the New Industries Large Investments Incentive Regime (Super RIGI), proposed by the Executive Branch to promote projects exceeding US$1 billion in the technology, industrial, and digital infrastructure sectors. The bill was approved by a vote of 130 in favor, 106 against, and 7 abstentions, and will now proceed to the Senate. Amendments were incorporated during the debate. Among them were a minimum threshold for contracting local suppliers, incentives for research and development (R&D) activities, clarifications regarding provincial authority over natural resources, and a last-minute clause preventing provinces and municipalities from creating or increasing royalties and fees on the projects covered by the bill. Meanwhile, the opposition failed to question Chief of Staff Manuel Adorni, who is under judicial investigation for alleged irregularities in his financial disclosure statement. Tuesday’s special session was canceled due to lack of quorum: a minimum 129 legislators were required, but only 117 were present, as La Libertad Avanza had agreed with the PRO, the UCR, the MID, and Innovación Federal not to provide the quorum. On Wednesday, the opposition attempted to force the interpellation through a motion to waive the rules of procedure, which received 122 votes in favor and 108 against, falling short of the required qualified majority. The interpellation proposals and the motion of censure were referred to the Constitutional Affairs Committee of both chambers for consideration. Additionally, a session was scheduled in the Senate for yesterday, but quorum was not reached and the session was canceled.
4. The government reorganized its communications department, and Milei began a tour of three countries
The national government has appointed Fabián Fernández as the new Secretary of Communications and Press, replacing Javier Lanari. The announcement was made official by Chief of Staff Manuel Adorni. Fernández, 35, is a trained national broadcaster and, until now, served as manager of Media, Press, and Strategic Alliances at the state-owned oil company YPF, a position he had held since December 2023. Prior to that, he had been undersecretary of Press and New Media for the municipality of Lanús. The appointment is part of a restructuring of the official communications framework. Fernández will work in coordination with economist Adrián Ravier, who took over as presidential spokesperson, replacing Adorni. Ravier has resigned from his seat as a deputy representing La Pampa, and his resignation was accepted on Wednesday, June 24; his seat will be filled by Martín Matzkin. The official introduction of the spokesperson will take place today June 26, at the Casa Rosada, and his first press conference is scheduled for Tuesday, June 30, at the same time. Meanwhile, President Javier Milei began the first of three international trips with a visit to Spain from June 25 to 27. The itinerary, which includes no official state activities, focuses on promoting investment and includes meetings with executives from major companies and banks. This afternoon, he will open the CEU San Pablo University Summer Courses in San Lorenzo de El Escorial, where he will give a master class and receive an award. He will be accompanied by Minister Sandra Pettovello and Foreign Minister Pablo Quirno. The tour will continue in Paraguay for the Mercosur Summit on June 30, and in the United States in early July.
MDZ: El Gobierno designó a Fabián Fernández como nuevo secretario de Comunicación en plenos cambios
5. The inequality index increased in the first quarter of 2026
Income distribution in urban Argentina deteriorated during the first quarter of 2026. According to INDEC’s report “Evolution of Income Distribution,” based on the Permanent Household Survey (EPH), the Gini coefficient for per capita household income reached 0.442, up from 0.435 in the same period of 2025 and the highest level since the first quarter of 2024. The report also shows a high concentration of income: the top 10% of earners accounted for 33.5% of total income and had a median income 15 times higher than that of the poorest 10%. In terms of average income, the difference between the two groups was nearly 19-fold. INDEC notes that part of this variation is due to the effect of the year-end bonus, which impacts the figures for the first and third quarters. In terms of gender, the income gap for primary employment reached 29.1%, the highest level since INDEC began tracking this data in 2022. On average, men earned $1,352,247, while women earned $959,030. Finally, formal employment continued to make a significant difference: registered wage earners earned an average income of $1,375,143, while informal workers earned $731,150—just over half that of their formal counterparts.
Ámbito: La desigualdad aumentó en el primer trimestre: los más ricos ganan 15 veces más que los más pobres