Argentina Industrial production June 2020

Argentina

Argentina: Pace of contraction in industrial output softens considerably in June

August 6, 2020

Industrial output decreased 6.6% year-on-year in June (May: -26.4% yoy). The steepest contractions were recorded in the production of textiles and automotive and other transport equipment. On the flip side, the production of food, beverages and tobacco and of furniture recorded healthy expansions.

On a calendar-adjusted monthly basis, industrial output rose at a faster rate of 13.8% in June (May: +12.5% mom), the best result on record. Meanwhile, the trend improved slightly, with the annual average variation of industrial production coming in at minus 8.5% in June, up from May's minus 8.6% 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 June 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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