Household consumption is in free fall, and economic activity contracted by 4.3% in January. Since the start of budgetary austerity and the 50% devaluation of the peso in December, Argentines have lost 18% of purchasing power.
In construction, the sector most affected due to the freezing of public worksites, more than 100,000 people have lost their jobs since December. Sales by small and medium-sized businesses fell by 28.5% and large firms are also struggling.