Industrial activity also registered a decrease of 0.8% monthly in the seasonally adjusted series during October, reported INDEC.
Industrial activity fell again in October, registering a fall of 2% year-on-year, and 0.8% monthly in the seasonally adjusted series (after three months of recovery)INDEC reported this Friday.
Thus, the manufacturing industrial production index (manufacturing IPI) It suffered a decrease of 11.6% between January-October 2024 compared to the same period in 2023.
Anyway, The trend-cycle series index showed a positive variation of 1.4% in October compared to the previous month.
With these data, the industry cuts part of the previous growth, still being 1.8% below the levels of November 2023, before the December collapse, indicated from LCG.
Nevertheless, 5 of the 16 sectors showed recovery compared to October 2023. Among these, the increases in Food and Beverages (+7% y/y), Petroleum Refining (+12%) and Vehicles (+5%). Between the three of them, they contributed 2.5 pp to industrial growth in the year. Furthermore, they grew other transportation equipment (+9.2%) and tobacco products (+7%).
On the contrary, the casualties that had the most impact were Non-Metallic Mineral Products (-17% y/y) and Basic Metal Industries (-11% y/y), which subtracted 0.9 pp each.
On the other hand, Textile products (-21% y/y), Machinery and equipment (-8% y/y) and Chemical substances and products (-2.4% y/y) subtracted 1.3 pp as a whole.
“We maintain our projection of an accumulated fall in the 12 months of 9% for the industry in 2024. The recovery that could occur in the last two months of the year will leave a statistical drag for 2025, but it will be smaller,” analyzed from LCG.
Source: Ambito
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