BUENOS AIRES, Aug 20 Reuters Argentina39;s economic activity likely fell in June versus the same month a year earlier, analysts said, back in the red after a rare rise the month before amid tough austerity measures and costcutting under libertarian President Javier Milei.

The median forecast from 16 analysts sees economic activity down 1.9 yearonyear in the sixth month of the year, dropping back from May39;s 2.3 rise, as growth in the grains and gas sectors is weighed down by weak consumption and construction.

The president39;s costcutting agenda has helped achieve rare fiscal surpluses and has allowed the central bank to rebuild reserves, but the economy has suffered, with consumption, construction and manufacturing down sharply.

The economies of major cities, centrally linked to consumption and the industrial and construction sectors, continues to show a strong downward trend, said Pablo Besmedrisnik, an economist at VDC consultancy.

Meanwhile, agriculture is seen rebounding from a low base recorded a year ago and the oil and gas sector is seen growing due to a boost in shale production, Besmedrisnik added.

Analysts forecasts ranged between a maximum drop of 3.2 and maximum growth of 2.0.

Juan Massot, research director at the Universidad del Salvador in Buenos Aires, said that the economy39;s decline was approaching its bottom, although this isn39;t consistent across all sectors.

While primary sectors like agriculture, mining, and hydrocarbons are growing,…