Argentina: Decline in industrial production worsens in May
June 25, 2014
In May, industrial production fell 4.9% over the same month last year, which was down from the 4.0% drop recorded in April. The decrease exceeded the 4.5% contraction that market analysts had expected. May’s fall mainly reflected a sharp decline in the automotive industry. Activity in the auto manufacturing sector remains in the doldrums due to lower domestic sales and fewer shipments to Brazil—the biggest buyer of Argentinian cars.
On a sequential basis, industrial production contracted 0.2% in seasonally-adjusted terms, which contrasted the 0.8% increase tallied in April. Annual average variation in industrial production deteriorated further in May, falling from minus 1.0% in April to minus 1.9%, which marked the lowest reading since March 2013.