The consulting firm revealed that in April, industrial production contracted 9.8% when compared to the same month last year, accumulating a drop of 9.5% for the first quarter. For its part, the seasonally adjusted measurement registered a monthly increase of 0.7%.
The recession continues in April: the industrial production index fell 9.8% in April
According to the IPI-OJF, carried out by the consulting firm Orlando FerreresIn April, industrial production contracted 9.8% when compared to the same month last year, accumulating a drop of 9.5% for the first quarter. For its part, the seasonally adjusted measurement registered a monthly increase of 0.7%.
“The level of industrial activity was somewhat higher during April than during March, recording a monthly increase of 0.7% in the seasonally adjusted measurement, and recording a smaller interannual fall than in the third month. In any case, It is still too early to suggest that we have left the industrial production floor behind us, and some rebound was to be expected after a particularly bad month“, they revealed in their report.
Among the manufacturing sectors, The most pronounced declines occurred in the production of non-metallic minerals, plastics and base metals.. Going forward, they highlighted that “We still do not see clear signs that a recovery in activity can begin. “We understand that this will not happen before the adjustment phase focused on moderating inflation gives way to a new phase aimed at rebuilding family income.”
Industrial production, sector by sector
Food, Drinks and Tobacco: This sector registered an expansion of 1.0% in the annual measurement during April, accumulating for the first four months a contraction in the range of 0.1%. The behavior of the items continues to be very heterogeneous within the sector, with oil production growing 29.1% in April, and offsetting the sharp falls in items such as slaughter, beverages and tobacco.
Machinery and equipment: The production of machinery and equipment registered a decrease of 20.7% in April compared to the same month last year, accumulating a decrease of 21.2% for the period to date. In the detail provided by ADEFA on automotive terminals, during the fourth month 42,974 vehicles were produced, 21.0% less than a year ago.
Base metals: The manufacturing of base metals showed a contraction of 22.9% in April, accumulating a decrease of 26.0% for the first four months of the year. In this regard, the Argentine Steel Chamber reported year-on-year declines in all production lines for the fourth month, highlighting raw steel (-26.3%), hot-finished steel (-28.9%), and rolled steel. cold (-28.6%).
Non-metallic minerals: Once again, the sector linked to construction presented the sharpest drop of all manufacturing sectors. Particularly, the decrease in April was 33.5% annually, accumulating for the four months that have elapsed a contraction of the sector of 30.4%. In detail, the Portland Cement Manufacturers Association reported for the fourth month of the year a production that was 35.6% lower than that of the same month last year.
Source: Ambito
