Industrial production grew 1.7% year -on -year, the accumulated of the first eight months of the year advanced 2.5%. On the other hand, the month by month measurement rose 1.1%. However, they warned: “We do not believe that the August rebound means a trend change for an industry that is still beaten.”
After two months of negative records the industry He showed a rebound during August. This is marked by the IPI-OJF index measurement, published by Orlando Ferreres. Last month, industrial production grew 1.7% when comparing with the same month last year, leading to the accumulated of the first eight months of the year to show an advance of 2.5%. For its part, The unstacted measurement recorded a monthly rise of 1.1%.
“When looking at the sector detail, part of the explanation of this rebound comes by specific factors. On the one hand, The production of oils observed a strong annual advance in Augustthat led him to overcome even at the July level, something that due to the seasonality of the activity is unusual. In fact, the last time that August’s oil production was superior to July was in 2010, “they explained.
From this consultant they also said that it influenced the monthly measurement the stop of several days that happened during July of an automotive plantwhich already in August recovered its level of activity, although it continues with negative figures in the annual comparison. Thus, beyond situations in specific sectors, “We do not believe that the August rebound means a trend change for an industry that is still beaten.”
Forward they said that “The march of the industry remains bogged down, until a recovery of consumption and macroeconomic stability is seen after the disorders of recent months.”
Sector by sector: how did each area go
- Food, drinks and tobacco: This sector recorded for August A 4.4% advancerecovering from an July that brought very bad data. The accumulated of the eight months elapsed thus shows an expansion of 2.7%. The driver of the sector was the oil production, which after registering a contraction of 9.9% per year in July scored a rise of 20.9% in August.
- Machinery and equipment: After the contraction registered in July, The sector averaged a 0.0% variation for August When comparing with the same month last year, where the contraction of the automotive sector was compensated by the item of appliances. The aggregate of the sector accumulates for the months under analysis a rise of 6.4%. In the detail of the production of cars, after the fall of 16.5%per year, Adefa reported for August an annual decline of 13.8%, but in the interannual comparison a rise of 20.0%is verified, for the stop of several days that the Toyota plant had during July.
- Basic metals: The basic metal sector registered for August An annual drop of 1.0%accumulating a rise of 5.4%for eight months. Among the production lines, the rolled rise stands out, with hot finished growing 8.7%and cold finished by increasing 22.1%, while primary iron production fell 12.4%, chaining 21 consecutive months of negative figures.
- Non -metallic minerals: After the annual decline in July, the sector linked to construction managed to write down an advance in the margin of 0.1% during Augustwhere the contraction of 0.4% in the cement office was compensated with advances in the rest of the items. In the accumulated of eight months, the sector shows a rise of 8.4%.
Source: Ambito
