BUENOS AIRES (Reuters) - Argentina's economy recorded its first quarter-on-quarter economic expansion in the July-to-September period since entering a technical recession at the end of 2023, but contracted again on an annual basis. Official figures showed on Monday.

Gross domestic product (GDP) expanded 3.9% in seasonally-adjusted terms in the third quarter compared with the second quarter, coming off three consecutive quarter-on-quarter declines.

Compared with a year ago, GDP fell 2.1%, the sixth straight contraction. This compares to analysts' forecasts for a decline of 2.6%.

Argentina's economy has weakened as industry has slowed amid strict austerity measures imposed by libertarian President Javier Maile.

Miley's administration has cut social spending and introduced mass layoffs in the public sector, and one of the world's highest annual inflation rates has hit 166%. But the economy has slowed and the poverty rate has risen above 50%.