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Argentina Industrial production November 2023

Argentina: Industrial output deteriorates in November

Industrial output dropped 4.9% year on year in November (October: -0.7% yoy). The figure marked the worst reading since August 2020. November’s notable deterioration was primarily driven by notable contractions in machinery and equipment and basic metals production. Lastly, food and beverages output dropped at a sharper rate, while automotive vehicles output declined at a softer pace than in October.

On a calendar adjusted monthly basis, industrial production fell at a more pronounced rate of 0.6% in November (October: -0.5% mom), 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 1.0% in November, down from October’s minus 0.6%.

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