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Argentina Industrial production March 2024

Argentina: Industrial output contracts at sharpest pace since May 2020 in March

Industrial output sank 21.2% in year-on-year terms in March, which followed February’s 9.9% decrease. March’s figure marked the worst reading since May 2020. March’s notable downturn was primarily driven by large contractions in machinery and equipment and basic metals production. Lastly, sales of food and beverages and automotive vehicles also fell.

On a monthly basis, factory output dropped 6.3% in calendar adjusted terms in March, which was significantly below February’s 0.7% fall. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 5.8%, down from February’s minus 3.7% reading.

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