Argentina: Decline in industrial activity softens in October
Industrial output dropped 0.8% compared to the same month a year earlier in October, which was a smaller drop than September’s 3.3% decrease. The print marked the best reading since May. October’s smaller drop was largely due to a rebound in machinery and equipment output. In addition, basic metals production fell at a more moderate pace. Lastly, food and beverages output fell at a softer rate, while automotive vehicles production dipped at a steeper pace than in September.
On a monthly basis, factory output fell 0.3% in calendar adjusted terms in October, contrasting September’s 0.4% expansion and marked the worst result since May. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at an over two-year low of minus 0.6%, down from September’s minus 0.2%.