Argentina: Contraction in the industrial sector moderates in October
Industrial production contracted 6.8% over the same month of last year in October, according to data released by the National Statistical Institute (INDEC) on 4 December, marking a softer fall than September’s multi-year low 11.5% year-on-year decline.
October’s reading again reflected contractions in almost all components of the index. As in the previous month, the textile; metal-mechanics; rubber and plastic products; and automotive industries recorded the biggest drops. A sharp fall in domestic demand was once more the main culprit behind the decline in industrial output. The contraction in car production was especially sharp. On the other hand, the food industry expanded moderately in October, while oil refining increased notably.