Argentina Industry October 2016

Argentina

Argentina: Industrial production remains in the doldrums in October

November 30, 2016

In October, industrial production contracted 8.0% over the same month last year, according to the latest data released by Argentina's National Statistical Institute (INDEC). The reading was a deterioration from the 7.3% decrease observed in the previous month, marked the ninth consecutive drop and exceeded the 6.2% fall that market analysts had expected.

According to INDEC, October’s print reflected a steeper contraction that in September in the textile and chemical industries as well as in base metals output. Conversely, the drop in the refinery and automotive industries softened in October.

The accumulative average variation in industrial production in the first ten months of the year was minus 4.9%, which marked a deterioration from the minus 4.6% in the January-September period.

Panelists participating in the LatinFocus Consensus Forecast expect that industrial production will decrease 1.1% in 2016, which is unchanged from last month’s forecast. For 2017, the panel expects industrial output to expand 2.5%, which is also unchanged from last month’s estimate.


Author: Ricard Torné, Head of Economic Research

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Argentina Industry October 2016

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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