Argentina: Fall in industrial production worsens in April
May 31, 2017
In April, industrial production in Argentina contracted 2.3% over the same month last year, according to the latest data released by the National Statistical Institute (INDEC). The reading was a significant deterioration from the 0.4% fall observed in the previous month, and strongly contrasted the 1.5% expansion that market analysts had expected. April’s slight dip marked the fifteenth consecutive monthly decline in industrial production.
According to INDEC, April’s sharper contraction was the result of a fairly broad-based deterioration, with the tobacco and textile industries recording the most severe drops—the latter due in part to weaker domestic demand and abundant rains in the cotton region. On the upside, the oil industry swung from contraction in March to a mild expansion in April, and in the same month the metallurgic industry—excluding the motor vehicles industry—grew at a stronger pace than in the previous month on the back of stronger production of agricultural machinery.
The accumulative average variation in industrial production in the first four months of the year was minus 2.4%.