Argentina: Industrial production contracts at sharper pace in June
In June, industrial production plunged 8.1% over the same month last year, according to data released by the National Statistical Institute (INDEC) on 2 August. The figure represents a significant deterioration compared to May’s 1.2% year-on-year drop and marks a multi-year low.
June’s fall reflected contractions in almost all components of the index. The most notable drops were recorded in oil refining, the automotive industry, and the production of rubber and plastic products. The decline in production of processed crude oil was due to plant shutdowns in June, while shrinking domestic demand was chiefly behind the automotive industry’s poor showing. The only bright spot was production in basic metal industries, which hit almost two-digit growth on the back of a jump in crude steel production.