Argentina: Decline in industrial activity softens in January
Industrial output decreased 12.4% year on year in January (December: -12.8% yoy). January’s smaller drop was largely due to less pronounced contractions in machinery and equipment and basic metals production. Lastly, food and beverages production dropped at a softer rate, while automotive vehicles production contracted at a steeper pace than in December.
On a monthly basis, industrial production dropped 1.3% in calendar adjusted terms in January, moderating from December’s 8.1% fall. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 3.1%, down from December’s minus 1.8% reading.