Argentina: Industrial production continues to deteriorate in August
October 1, 2014
In August, industrial production fell 2.9% over the same month last year, which was far below the 0.7% drop recorded in July. August’s reading exceeded the 1.0% contraction that markets had expected and marked the thirteenth consecutive fall in industrial output. The drop in industrial production in August was mainly driven by substantial declines in the automotive and oil refinery industries.
On a monthly basis, industrial production fell 1.3% in seasonally-adjusted terms, which marked a deterioration compared to the slight 0.2% decline registered in July. Annual average variation in industrial production continued to deteriorate in August, falling from minus 2.5% in July to minus 2.7%, which marked the lowest reading since February 2003.
Author: Cecilia Simkievich, Economist