Argentina Industrial production July 2020

Argentina

Argentina: Pace of contraction in industrial output sharpens in July

September 4, 2020

Industrial output decreased 6.9% year-on-year in July (June: -6.3% yoy). The steepest contractions were recorded in the production of textiles and automotive and other transport equipment. On the flip side, the production of refined oil, chemicals and plastic products recorded a healthy expansion.

On a calendar-adjusted monthly basis, industrial output rose at a slower rate of 2.2% in July (June: +16.5% mom). Meanwhile, the trend deteriorated somewhat, with the annual average variation of industrial production coming in at minus 8.9% in July, down from June's minus 8.4% reading.

Panelists participating in the LatinFocus Consensus Forecast expect that industrial production will contract 8.5% in 2020, which is down 2.2 percentage points from last month’s forecast. For 2021, the panel expects industrial output to rise 3.3%.


Author: Massimo Bassetti, Senior Economist

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Argentina Industry July 20 20

Note: Year-on-year changes and annual average variation of industrial production in %.
Source: Argentina National Statistical Institute (INDEC) and FocusEconomics calculations.


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