Argentina: Industrial output contracts in May
July 2, 2018
In May, industrial production contracted 1.2% over the same month last year, according to data released by the National Statistical Institute (INDEC) on 29 June. The figure sharply contrasted April’s 3.4% year-on-year growth and put an end to 12 consecutive months of expansion in industrial output.
May’s downturn reflected contractions in several components of the index and decelerations in growth in other sectors. The contraction in output in the textile sector sharpened from 4.9% in April to 8.6% in May. Moreover, output in the automotive industry decelerated from a 27.2% increase in April to 7.2% rise in May. Additionally, output in the metal-mechanic industry excluding the automotive industry swung from a 1.6% increase in April to a 4.6% drop in May. Lastly, the food industry swung from a 2.9% output expansion in April to a 1.9% contraction in May.