Argentina Industry November 2016


Argentina: Drop in industrial production softens in November

December 28, 2016

In November, industrial production contracted 4.1% 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 8.0% decrease observed in the previous month but exceeded the 3.7% fall that market analysts had expected. Although November’s drop marked the tenth consecutive decline, it represented the smallest contraction since April 2016.

According to INDEC, November’s print reflected an expansion in the food, automotive and chemical industries. The drop in refinery was steady in the same month.

The accumulative average variation in industrial production in the first eleven months of the year was minus 4.9%, which mirrored the result in the January-October period.

Panelists participating in the LatinFocus Consensus Forecast expect industrial production to have decreased 3.4% in 2016, which is down 0.5 percentage points from last month’s forecast. For 2017, the panel expects industrial output to expand 2.8%, which is down 0.1 percentage points from last month’s estimate.

Author: Ricard Torné, Lead Economist

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Argentina Industry Chart

Argentina Industry November 2016

Note: Year-on-year changes and annual average variation of industrial production in %
Source: Argentina National Statistical Institute (INDEC) and FocusEconomics calculations.

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