The manufacturing IPI contracted for the second consecutive month. In June, nine of the 16 in the manufacturing industry presented year-on-year falls.
In June 2023, nine of the sixteen divisions of the manufacturing industry presented year-on-year falls.
In June, The manufacturing industrial production index (IPI manufacturing) contracted 2.3% in the year-on-year comparison. For his part, in the accumulated January-June it advanced 1.3% compared to the same period of 2022reported this Wednesday, August 9, the National Institute of Statistics and Censuses of Argentina (INDEC).
“Sharp drop in industrial production in June 2023, for the second consecutive month. A dismal second quarter materializes and we already know that the third one is going to be bad too. Full stagflation”, said the economist, Gabriel Caamaño from Ledesma Consulting.
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What were the divisions that fell the most?
In June 2023, nine of the 16 divisions of the manufacturing industry presented year-on-year falls: “Food and beverages”, 4.2%; “Other equipment, devices and instruments”, 20.3%; “Machinery and equipment”, 5.5%; “Wood, paper, publishing and printing”, 2.6%; “Non-metallic mineral products”, 3.3%; “Chemical substances and products”, 0.5%; “Clothing, leather and footwear”, 0.7%; and “Textile products”, 0.2%.
Likewise, “Furniture and mattresses, and other manufacturing industries” showed a decrease close to zero.
For their part, they showed increases: “Basic metal industries”, 2.8%; “Oil refining, coke and nuclear fuel”, 2.7%; “Metal products”, 2.1%; “Automotive vehicles, bodies, trailers and auto parts”, 1.7%; “Rubber and plastic products”, 0.9%; “Tobacco products”, 10.9%; and “Other transport equipment”, 2.2%.
Source: Ambito
