According to Universidad Torcuato Di Tella’s monthly survey, confidence in the government fell 12.1% MoM in April to 40.4%, marking a fifth consecutive decline and the second‑lowest reading during Milei’s term. The trough was reached in September 2025 (38.8), ahead of the October 2025 midterm election. In historical terms, confidence remains above levels observed at a comparable point during Alberto Fernández’s presidency, but below those recorded under Mauricio Macri.
At the margin, the deterioration was broad-based. The sharpest decline was in perceptions of efficiency in public spending management (‑21.4% MoM), followed by the overall evaluation of the government (‑17.2% MoM) and perceptions of concern for the general interest (‑13.9% MoM). Confidence in the government’s ability to address structural problems edged down 2.0% MoM, while perceptions of honesty fell 8.4% MoM.
Consumer confidence also weakened in April. The Universidad Torcuato Di Tella Consumer Confidence Index declined 5.6% MoM, extending the downturn to a third consecutive month. All sub‑indices fell, led by durable goods and real estate (‑9.5% MoM), followed by macroeconomic conditions (‑4.3% MoM). Personal conditions showed a more moderate decline (‑4.0% MoM). The drop in confidence is consistent with ongoing pressure on real incomes, as labor income continues to lag inflation. Real wages fell 4.1% YoY in February and 3.1% YoY on a quarterly basis, reflecting the re‑acceleration of inflation, which intensified further in March.
Our take: Support for the Milei administration continues to soften amid renewed concerns over the use of public funds and undisclosed assets among officials, against a backdrop of weak consumption dynamics. The next Government Confidence Index will be released on May 25, while the Consumer Confidence Index is due on May 21. For context, presidential and congressional elections are scheduled for October 24, 2027.2026/04/28 | Diego Ciongo & Soledad Castagna