Argentina Industry

Argentina

Argentina: Industrial production in July records 12th consecutive contraction

August 29, 2014

In July, industrial production fell 0.7% over the same month last year, which was below the 0.3% drop recorded in June. The decrease overshot the 2.9% contraction that market analysts had expected and represented the twelfth consecutive decline in industrial output. July’s fall mainly reflected a sharp decline in the automotive industry. Activity in the auto manufacturing sector remains in the doldrums due to lower domestic sales and fewer shipments to Brazil—the biggest buyer of Argentinian cars.

On a sequential basis, industrial production fell 0.1% in seasonally-adjusted terms, which contrasted the strong 2.0% increase tallied in June. Annual average variation in industrial production deteriorated further in July, falling from minus 2.2% in June to minus 2.5%, which marked the lowest reading since February 2003.

LatinFocus Consensus Forecast participants expect that industrial production will decrease 1.8% in 2014, which is unchanged from last month’s forecast. For 2015, the panel expects industrial production to increase 1.9%.


Author: Ricard Torné, Lead Economist

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Argentina Industry July 2014

Note: Year-on-year changes and annual average variation of industrial production in %
Source: Argentina National Statistical Institute (INDEC) and FocusEconomics calculations.


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