Bloomberg) -- Argentina’s economy grew more than expected in April as President Javier Mileiloosened some currency controls as part of a $20 billion agreement with the International Monetary Fund. Economic activity rose 1.9% in April from March, compared with the median estimate of 0.3% of analysts surveyed by Bloomberg. From a year ago, activity rose 7.7% in April, also surpassing expectations, according to government data published Monday.  After a harsh contraction last year at the start of Milei’s austerity drive, economic activity grew in the first two months of this year, but fell in March amid market flummox just before inking the new IMF deal. The financing package was signed on April 11, and Argentina lifted significant currency and capital controls with little impact on the currency, though restrictions remain in place for businesses. Argentina’s retail sector led growth in April, followed by manufacturing and finance, according to the April GDP proxy. Separately, Argentina extended growth in the first quarter of the year, with consumer spending growing 2.9% quarter on quarter. An IMF technical team visited Buenos Aires last week to review the economic team’s progress so far. A staff-level agreement on the first review will be a key step before the IMF board would approve a $2 billion disbursement as part of the program. Economists surveyed by Argentina’s central bank in May expect the economy to grow 5.2% in 2025.
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