Argentina: Softest contraction in industrial production in nine months in May
Industrial production fell 6.9% over the same month of last year in May, according to data released by the National Statistical Institute (INDEC) on 4 July. The reading marked a softer contraction than April’s revised 8.7% year-on-year drop (previously reported: -8.8% year-on-year), and the best print since August 2018.
April’s result generally reflected softer contractions across the board. That said, the categories of automotive and other transport equipment; furniture and other manufacturing industries; and other equipment, instruments and apparatus, all contracted by close to or over 20%. A marked fall in domestic demand remained the main culprit of the negative performance in the industrial sector.
Meanwhile, the annual average variation in industrial output worsened to minus 9.9% in May, from minus 9.4% in April.