Argentina Industry January 2017


Argentina: Decline in industrial output smallest in 11 months in January

February 23, 2017

In January, industrial production contracted 1.1% over the same month last year, according to the latest data released by the National Statistical Institute (INDEC). The reading was an improvement from the 2.3% decrease observed in the previous month and broadly in line with the 1.0% fall that market analysts had expected. Although January’s drop marked the twelfth consecutive decline, it was the smallest contraction since February 2016.

According to INDEC, December’s print reflected a faster expansion in the automotive industry. Conversely, the metals and textile sectors fell significantly.

The annual average variation in industrial production declined from minus 4.6% in December to minus 4.7% in January.

Panelists participating in the LatinFocus Consensus Forecast expect industrial production to expand 3.0% in 2017, which is up 0.4 percentage points from last month’s forecast. For 2018, the panel expects industrial output to rise 2.4%.

Author: Ricard Torné, Lead Economist

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