Argentina: Industrial production records steep contraction in April
May 31, 2016
Following a month-long data dearth, the National Statistical Institute (INDEC) has recently published monthly data on the first four months of this year. Latest figures show that, in April, industrial production contracted 6.7% over the same month of the previous year. The reading was a significant deterioration over the 3.8% decrease observed in the previous month and also marked the sharpest decrease so far this year. Data regarding the first months of the year show that industrial production expanded 1.5% on an annual basis in January and 0.2% in February.
April’s contraction was due to a deterioration in the food industry which recorded an 11.6% annual decrease (March: +6.0% year-on-year). Moreover, growth in the textile industry also decelerated from a 10.6% increase in March to 6.8% rise in April. Conversely, the tobacco industry recorded an improvement over the previous month’s figure and accelerated to a 4.6% increase.
Author: Dirina Mançellari, Senior Economist