Argentina: Contraction in industrial production eases in May
June 30, 2016
In May, industrial production contracted 4.3% over the same month of the previous year according to the latest data released by the National Statistical Institute (INDEC). The reading was an improvement over the 7.3% decrease observed in the previous month (previously reported: -6.7% year-on-year), which had marked the sharpest decrease so far this year.
According to INDEC, May’s softer contraction was due to an improvement in the food industry, which swung to a 0.6% increase. Moreover, the refinery industry contracted 3.7% in May, which marked a softer contraction compared to the 9.6% drop seen in April. Conversely, the tobacco industry swung from a 4.6% increase in April to a 4.0% decrease in May.
Author: Dirina Mançellari, Senior Economist