Argentina: Growth in industrial output slows significantly in December
In December, industrial production expanded 0.3% over the same month in the previous year, according to the latest data released by the National Statistical Institute (INDEC). The reading marked a steep deceleration from the 3.5% year-on-year growth observed in November. December’s print marked the slowest expansion in seven months, since output swung from contraction to expansion in May, putting an end to fifteen consecutive months of contraction.
The monthly reading reflected a steep decline in the output of food and automotive industries, which almost offset an expansion in nearly all other components of the index. The all-important food industry contracted 7.3% in annual terms in December and contracted 1.4% in the year as a whole. Output in the automotive industry declined 12.7% in year-on-year terms in December, dragged down by lower car production. On the flip side, basic metallurgic industries expanded 17.0%, and non-metallic mineral products rose 10.2% year-on-year in December.
The accumulated average annual variation in industrial production over the January–December period was 1.8%, edging down from the 1.9% reading observed in the January–November period.