Argentina Industry February 2019

Argentina

Argentina: Contraction in industrial production eases again in February

April 4, 2019

Industrial production shrank 8.5% over the same month of last year in February, according to data released by the National Statistical Institute (INDEC) on 4 April. The reading marked a less steep fall than January’s revised 10.9% year-on-year plunge (previously reported: -10.8% year-on-year).

February’s result reflected broad-based contractions. The categories of metal products and machinery and equipment; other equipment, instruments and apparatus; automotive and other transport equipment recorded the biggest drops. The production of food, beverages and tobacco was the only one that dodged a fall, although it recorded a merely imperceptible uptick. A marked fall in domestic demand was again behind the contraction in industrial output.

Meanwhile, the annual average variation in industrial output fell to a 7.1% contraction in February from a 5.9% drop in January.

Panelists participating in the LatinFocus Consensus Forecast expect that industrial production will contract 0.5% in 2019, which is down 0.7 percentage points from last month’s forecast. For 2020, the panel expects industrial output to rise 2.1%.


Author: Massimo Bassetti, Economist

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Argentina Industry February 2019

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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