Argentina: Industrial output contracts at sharpest rate since August 2020 in July
Industrial production slid 3.9% year on year in July (June: -2.4% yoy). July’s result marked the worst reading since August 2020. July’s figure was partly due to a bigger drop in machinery and equipment output, which fell at the sharpest pace since May 2020. In addition, basic metals production weakened. Lastly, food and beverages production dropped at a sharper rate, while automotive vehicles production dipped at a steeper pace than in the prior month.
On a monthly basis, industrial output dropped 1.2% in calendar adjusted terms in July, easing from June’s 1.5% fall. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 1.3% in July, down from June’s 2.1% reading.