Argentina: Industrial production contracts less in March
April 24, 2015
In March, industrial production fell 1.6% over the same month last year. The reading was above the revised 2.2% drop observed in the previous month (previously estimated: -2.1% year-on-year) and marked the highest level in eight months. March’s result was driven by a notable decrease in the textile and food industries. Although both continued to post declines, the contractions were much less pronounced than in the previous month.
On a monthly basis, industrial production in March fell 0.6% in seasonally-adjusted terms, which followed the 0.4% drop seen in February and marked a three-month low. Despite the contraction recorded in March, annual average variation in industrial production rose from February’s minus 2.6% to minus 2.2%, the highest level since June 2014.
Author: Dirina Mançellari, Senior Economist