Argentina: Pace of contraction in industrial output sharpens in July
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.