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