Overview
- Argentina’s small‑and‑medium retail sales fell 9.1% month over month on a seasonally adjusted basis and 4.1% year over year in November, per CAME.
- November marked the seventh straight annual decline since May, even as year‑to‑date sales still show a 3.4% increase from 2024 levels.
- Six of seven sectors contracted, led by perfumery (-17%), bazar and home décor (-9.7%) and food and beverages (-5.9%), while pharmacies rose 1.8%.
- Business sentiment shows strain now but hope for 2026: 54.2% reported stability versus a year ago, 37% saw deterioration, 48.6% expect improvement next year and 60.1% view current conditions as unfavorable for investment.
- In Mexico, Citi’s market survey cut GDP growth forecasts to 0.4% for 2025 and 1.3% for 2026 after incorporating the third‑quarter contraction.