Argentina: Contraction in industrial production sharpens in March
Industrial production shrank an abysmal 13.4% over the same month of last year in March, according to data released by the National Statistical Institute (INDEC) on 6 May. The reading marked a steeper plunge than February’s revised 8.4% year-on-year contraction (previously reported: -8.5% year-on-year).
March’s result reflected broad-based contractions. The categories of automotive and other transport equipment; furniture and other manufacturing industries; and other equipment, instruments and apparatus recorded the biggest drops. A marked fall in domestic demand was again behind the contraction in industrial output.
Meanwhile, the annual average variation in industrial output worsened to minus 8.4% in March, from minus 7.1% in February.