Argentina: Industrial production records largest drop in more than three years
June 28, 2012
In May, industrial production contracted 4.8% over the same month last year, which was below the 0.5% drop recorded in April. The reading marked the largest decline since January 2009 and contrasted market expectations of a 0.8% increase. The drop stemmed mostly from a 21.2% decrease in the production of cars compared to the same month last year. On a monthly basis, industrial output fell a seasonally adjusted 3.5%, contrasting the 0.1% rise recorded in April. Accordingly, the trend moderated further, with annual average growth in industrial production stepping down from 4.3% in April to 3.1% in May, which marks the lowest level since March 2010.
Author: Armando Ciccarelli, Head of Data Solutions