July 24th, 2026
1. In May, commercial activity fell by 0.5%, but it still remains above the figure for the same month of the previous year
The Monthly Economic Activity Estimator (EMAE) published by the National Institute of Statistics and Censuses (INDEC) revealed a 0.5% monthly decline in May, marking the second consecutive drop following the 1.5% decline recorded in April. However, the figure remained above that of the same month last year, representing a positive year-over-year change of 0.2% and accumulating growth of 1.7% in the first five months of the year. In May, eight of the fifteen sectors included in the index revealed an increase in comparison to the same month in 2025: the largest gains were in Mining and Quarrying, with a year-over-year increase of 15.7%, and in Electricity, Gas, and Water, which grew by 8%. In contrast, seven sectors posted year-over-year declines: the sharpest was in Fishing, which fell 29.3%, but also Manufacturing (-5.6%) and Wholesale, Retail, and Repairs (-4.3%). Together, these three sectors subtracted 1.4 percentage points from the EMAE.
Infobae: La actividad económica cayó 0,5% en mayo pero se mantuvo por encima del mismo mes del año pasado
2. Exports grew 24% in the first half of the year and totaled nearly US$50 billion
The trade surplus totaled nearly US$14 billion between January and June 2026, a figure five times higher than that for the same period last year. The data comes from the Argentine Trade Report (ICA), published by the National Institute of Statistics and Censuses (INDEC). In June alone, the trade balance showed a surplus of US$2,194 million, the highest for that month since 2022. Exports totaled US$9,055 million, up 24.5% year-over-year, while imports reached US$6,861 million, up 7.3%. For the first half of the year, exports climbed to US$49,454 million, up 24.4%, while imports fell by 3.9%, which explains the improvement in the balance of trade. Likewise, the increase in exports in June was driven by several sectors, led by agricultural and livestock-based manufactured goods (31.6%) and fuels and energy (31.1%). On the import side, however, volumes fell by 3.8%, with declines in capital goods (-8%) and auto parts (-9.4%).
La Nación: Las exportaciones crecieron 24% en el primer semestre y acumularon casi US$50.000 millones
3. Wages increased 2.2% in May, outpacing inflation.
Wages rose 2.2% month-over-month in May 2026, marking a real increase of 0.1% compared to the month’s inflation rate of 2.1%, indicating a year-over-year increase of 35.9%, according to the National Institute of Statistics and Censuses (INDEC). In the first five months of the year, the indicator posted a cumulative increase of 15.2%, while prices rose 14.7%. The difference, however, can be explained by the informal sector: wages in the unregistered private sector rose 3.5% for the month, 66.3% year-over-year, and 23.9% year-to-date, outpacing inflation across all time frames. Formal-sector workers, on the other hand, lagged behind: registered private-sector wages rose 2.0% month-over-month and 29.3% year-over-year, while public-sector wages increased 1.5% and 27.4%, also falling short of the price index.
Perfil: Los salarios le ganaron a la inflación en mayo, según el INDEC
4. Caputo announced a new Prosecutorial Innocence bill
The National Minister of Economy, Luis Caputo, announced the presentation of the new Tax Amnesty bill, the initiative through which the government seeks to attract and formalize the inflow of so-called “mattress dollars” into the formal financial system. The bill introduces four major changes, although he assured that the initiative maintains the spirit of the current law: First, it seeks to eliminate income caps and net worth thresholds, and opens the system to all individuals and undivided estates; it also adds that large taxpayers may opt into the simplified regime, with the tax authority pre-calculating the tax, but without access to the presumptions or the discharge effects. Another change included in the bill is that when the Customs Collection and Control Agency (ARCA) detects a specific increase in tax, if a reduction in losses of 15% or more is determined, with a safeguard threshold, there will be no exclusion if the claimed difference is less than $5 million. The third amendment reverses the burden of proof and adds a 15-business-day period for rectification, while the fourth amendment mandates reinstating the presumption and refunding the amount paid with interest within 45 business days. If approved, the program would take effect in February, aiming to increase the more than 330,000 participants to date.
El Cronista: Inocencia Fiscal: uno por uno, los cambios del nuevo proyecto y qué beneficios ampliaría
5. The political board reunited at the Casa Rosada to reassess strategies ahead of Milei’s trips
The Executive Branch’s political board met again on Tuesday at the Casa Rosada to review the urgent legislative agenda, the ruling party’s electoral strategy, and relations with the provinces and governors, following last Wednesday’s signing of an agreement with Santa Fe to transfer road projects, and in anticipation of upcoming agreements with Catamarca and Santiago del Estero regarding aqueducts and water treatment plants. Participants in the meeting included Karina Milei, Santiago Caputo, Chief of Staff Diego Santilli and Economy Minister Luis Caputo, among others. Among the legislative issues, they discussed the upcoming deregulation bill that Minister Federico Sturzenegger is preparing to present to Congress, aimed at liberalizing sectors such as pharmaceuticals, energy, agriculture, mining, shipping, and professional services. The meeting took place against the backdrop of a presidential agenda filled with trips and events: Javier Milei will travel to São Paulo to attend the official launch events for Flavio Bolsonaro this Friday and Saturday; on Sunday, he will deliver the presidential opening address at the Palermo Rural Exhibition (where, as Caputo indicated, there will be no major announcements); and next week, he will travel to Peru to attend Keiko Fujimori’s inauguration.