Argentina: Manufacturing production shrinks in July
Latest reading: Manufacturing production fell 4.9% in annual terms in July, following a 2.1% increase in the prior month. The sector thus continued to show highly uneven momentum, having shrunk for five of seven months so far this year. Manufacturing firms are suffering from high energy costs and elevated import competition, including from counterfeit goods.
Relative to the prior month’s figures, readings in July worsened for machinery and equipment (-26.7% on a year-on-year basis vs -17.8% in June), basic metals (+1.6% vs +11.9% in June), chemical products (-1.3% vs +11.1% in June), automotive vehicles (-5.4% vs -3.6% in June) and food and beverages (-0.5% vs +6.3% in June).