Argentina: Industrial production contracts in August
Industrial production contracted 5.6% in August over the same month of last year, according to data released by the National Statistical Institute (INDEC) on 4 October, which was marginally less than July’s 5.7% year-on-year decline.
August’s reading reflected contractions in almost all components of the index. As in July, the tobacco industry recorded a significant decline in output, along with the textile industry and the oil refining sector. Continued plant shutdowns drove the drop in production of processed crude oil, while food output also contracted largely due to a double-digit decline in milling of cereals and oilseeds. On the other hand, the basic metal industries and automotive industry continued to record significant expansions in output.