Argentina: Industrial output contracts at sharpest pace since October 2020 in December
Industrial output dropped 2.7% compared to the same month of the previous year in December, which contrasted November’s 1.0% increase. December’s result marked the worst reading since October 2020. The notable deterioration largely reflected a deterioration in basic metals and chemical products output. However, machinery and equipment production rebounded strongly. Lastly, food and beverages output decreased at a sharper rate, while automotive vehicles output contracted at a steeper pace than in November.
On a calendar adjusted monthly basis, industrial production fell 1.2% in December (November: +0.4% mom). Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at an over one-year low of 4.3%, down from November’s 5.3%.