Argentina Industry

Argentina

Argentina: Pace of contraction in industrial production eases in June

July 31, 2014

In June, industrial production fell 0.3% over the same month last year, which was well above the 4.9% drop recorded in May. The decrease overshot the 3.6% contraction that market analysts had expected and marked the lowest pace of decline since September 2013. June’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 expanded at the fastest pace in 15 months, increasing 2.1% in seasonally-adjusted terms, which contrasted the 0.8% decrease tallied in May. Annual average variation in industrial production deteriorated further in June, falling from minus 1.9% in May to June’s minus 2.2%, 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, Head of Economic Research

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Argentina Industry June 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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