Argentina: Industrial output expands sharply in February
March 29, 2018
In February, industrial production expanded 5.3% over the same month last year, according to data released by the National Statistical Institute (INDEC) on 29 March. The reading marked a sharp acceleration from the 2.6% year-on-year growth observed in January, but was the tenth consecutive month of expansions in industrial output.
February’s upturn in industrial production reflected a rebound in the automotive industry and strong growth in production of non-metallic mineral products and in the basic metallic industry. The automotive industry rebounded from a 6.4% annual contraction in January to a sharp 61.3% increase in February. Production of non-metallic mineral products grew 12.5% (January: +14.8% year-on-year) and the basic metallic industry expanded 29.8% (January: +14.6% year-on-year). The food industry swung from a 0.7% contraction in January to a 2.5% expansion in February.
The increase in industrial production in February suggests that the recovery of Argentina’s industrial sector is picking up steam and production is set to expand at a solid pace in 2018.
Argentina Industrial Production Forecast
Panelists participating in the LatinFocus Consensus Forecast expect industrial production to expand 2.4% in 2018, which is up 0.2 percentage points from last month’s forecast. For 2019, the panel expects industrial output to rise 2.0%.