Argentina: Contraction in industrial production deepens in September
October 31, 2016
In September, industrial production contracted 7.3% over the same month of the previous year, according to the latest data released by the National Statistical Institute (INDEC). The reading was a deterioration from the 5.7% decrease observed in the previous month and marked the eighth consecutive drop.
According to INDEC, September’s print reflected a sharp contraction in the automotive industry as well as in base metals output. Conversely, the drop in the refinery industry softened in September and production of chemical products returned to growth in the same month.
The accumulative average variation in industrial production in the first nine months of the year was minus 4.6%, which marked a deterioration from the minus 4.2% in the January-August period.