The performances of the Food and Beverages (+4.4% annual), Clothing (+28.6%) and Automotive (+29.6%) categories also had an important impact. The only division that suffered a contraction compared to a year ago was Oil Refining.
With these numbers, in the first two months of the year the industry accumulated growth of 3.9% against the same period in 2021.
In monthly terms, the sector rebounded 4%. It is worth remembering that in January the biggest drop in nine months had been verified due to several specific issues that affected the activity in the factories, such as the new wave of covid-19, technical stoppages for vacations, and climatic factors.
In this way, in February the seasonally adjusted Industrial Production Index (IPI) was 9.5% above the pre-pandemic level and once again approached the levels of the end of 2021, equivalent to those of the beginning of 2018, prior to the outbreak of the currency crisis during the government of Mauricio Macri.
The Ministry of Economy highlighted that the level of activity in the industry is already “at levels similar to those of the same month (February) of 2018” and that in that period “almost all sectors grew year-on-year”, commenting on the INDEC figures.
“The activity was thus resumed after it was affected in January by various factors such as technical stoppages, staffing problems due to the resurgence of covid, energy supply problems due to the heat wave, among other particular reasons for each sector”, added the Palacio de Hacienda.
The level of the industry in February is 10.4% above the same month of 2020, 9.7% compared to 2019 and 0.5% ahead of the record for February 2018, according to data reported yesterday, provisional until the series are published, reported Economy. In February, 15 of the 16 sectors grew year-on-year, the exception being Oil refining, coke and nuclear fuel, an item that fell 4%. The largest year-on-year increases were recorded in the Other transport equipment sector, which basically includes the manufacture of motorcycles, which reached an increase of 54.2%, followed by Motor vehicles, with 29.6%, Clothing, leather and footwear, with 28.6%, and the category Machinery and equipment, which grew 26.0% year-on-year.
It was followed by the manufacture of chemical substances, which grew by 11.1% year-on-year; Textiles, 11%; Wood, paper, publishing and printing, 10.1%; Rubber and plastic products, 9.9%; and Tobacco 9%, in the same comparison.
Below the rise in the general level were Manufacture of supplies for construction, which advanced 5.7% year-on-year; Food and beverages, 4.4%; metal products, 4.1%; Other equipment, devices and instruments, 3.3%; and Furniture and mattresses, 2.7%, in the interannual measurement.
Source: Ambito
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