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.