Argentina: Industrial production contracts in September
Industrial production contracted 11.5% in September over the same month of last year, according to data released by the National Statistical Institute (INDEC) on 6 November, a sharper fall than August’s 5.6% year-on-year decline and marked a multi-year low.
September’s reading reflected more severe contractions in almost all components of the index. The textile, metal-mechanics, rubber products, tobacco and automotive industries recorded the biggest drops. As in the previous month, continued plant shutdowns drove the decline in production of processed crude oil. Meanwhile, shrinking domestic demand was the main factor behind the contractions in the textile, rubber products, tobacco and automotive industries—with the last one also negatively affected by weakening external demand.