Argentina: Industrial production drops again in February
March 26, 2015
In February, industrial production fell 2.1% over the same month of last year. The reading mirrored January’s print and undershot the 1.8% decline that the markets had expected. February’s result marked the 19th consecutive decrease in industrial output. In contrast to previous months, in which declines were mostly driven by contractions in the oil sector, February’s result was driven by a notable decrease in the textile industry and in the automobile sector. Conversely, the food industry and the oil sector registered better performances compared to January. Although both continued to post declines, the contractions were much less pronounced than in the previous month.
On a monthly basis, industrial production fell 0.4% in seasonally-adjusted terms in February, which contrasted the 1.0% rise tallied in January. Despite the slight improvement recorded in February, annual average variation in industrial production inched down from January’s minus 2.5% to minus 2.6%.
Author: Cecilia Simkievich, Economist