Argentina: Drop in industrial production is smallest in 10 months in December
January 31, 2017
In December, industrial production contracted 2.3% 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 from the 4.1% decrease observed in the previous month but exceeded the 0.8% fall that market analysts had expected. Although December’s drop marked the eleventh consecutive decline, it was the smallest contraction since February 2016.
According to INDEC, December’s print reflected a faster expansion in the food and automotive industries. Conversely, the chemical, refinery and textile sectors all fell significantly.
The accumulative average variation in industrial production in the full year was minus 4.6%, which contrasted the 0.2% increase in 2015.