# Drowning by numbers

> Argentina's economic growth paradox: record numbers mask deepening crisis.
- Title: Drowning by numbers · Buenos Aires Times | Shortify
- Summary: Argentina's economic growth paradox: record numbers mask deepening crisis. Argentina's economy shows growth but faces job losses, company closures and…
- Keywords: argentina, javier milei, economic indicators, growth, investment, indec, trade surplus, recession, news, politics, world, Drowning
- Source: Buenos Aires Times — https://batimes.com.ar/news/opinion-and-analysis/drowning-by-numbers.phtml
- Author: Michael Soltys
- Published: 2026-10-03T03:07:00+00:00
- Read time: 1 min
- Topics: argentina, javier milei, economic indicators, growth, investment, indec, trade surplus, recession, news, politics, world
## Historical context of statistics
The phrase 'lies, damned lies and statistics' dates back to the 19th century but Michael Bentine challenged the assumption that numbers provide superior clarity decades ago.

> lies, damned lies and statistics
## Argentina's economic duality
Argentina reports second consecutive year of growth while manufacturing and construction shrink by three and 4.5 percent respectively this year.

> manufacturing industry and construction shrinking by three and 4.5 percent
## Job and company losses
Over 31,000 companies closed and 330,000 registered jobs lost since Javier Milei became President.

> closure of over 31,000 companies and loss of some 330,000 registered jobs
## Growth ambiguities
Argentina's 2021 growth figure of 10.4 percent was a rebound from minus 9.9 percent shrinkage during pandemic lockdowns.

> 2021 growth figure of 10.4 percent marked an all-time historic record
## Chile comparison
Chile's minus 14 percent contraction in 1982 under military dictatorship preceded nearly four decades of continuous growth.

> minus 14 percent contraction of Chile in 1982
## Investment challenges
Milei's RIGI incentive scheme attracted almost US$200 million in investments but most are on standby awaiting next year's elections.

> RIGI incentive scheme for major investments attracted almost US$200 million
## Investment figures
Argentina's 15.1 percent investment figure is the worst since 2001-2002 financial meltdown, far below historical average of 17 percent.

> 15.1 percent of Gross Domestic Product posted in midyear
## Fiscal and trade performance
Milei's administration maintains fiscal surplus and trade surplus of over US$25 billion this year despite declining electoral support.

> record surplus of over US$25 billion this year
## Missing money
INDEC calculates US$285 billion 'under the mattress' but this money remains unchannelled into bank deposits and investment.

> US$285 billion 'under the mattress'
## Key takeaway

Argentina's economy shows growth but faces job losses, company closures and investment concerns under President Milei.