In July, the industrial production index fell 5.4% compared to the same month in 2023 but rebounded almost 7% compared to June.
Yes ok The industry fell 5.4% in July year-on-year and added 12 consecutive months with losses, slowed down sharply compared to the previous measurement (when it sank 20.2% in June), it reported on Monday the National Institute of Statistics and Census (INDEC). In turn, The industrial production index rebounded almost 7% compared to June and ended a two-month downward streak.
In this way, In the first seven months of the year, it accumulated a drop of 14.6% compared to the same period in 2023.
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“The industrial production index released by INDEC today showed a monthly variation of 6.9% in July. Thus, the index fell 6.1% versus November 2023 and 5.4% year-on-year. It is essential that a sector as hard hit as the industry begins to show signs of recovery,” analyzed by the consulting firm Romano Group.
Industry in July: cHow did each sector fare?
In July, in addition, 13 of the 16 divisions of the manufacturing industry showed year-on-year declines. In terms of their impact on the general level, decreases were recorded in “Wood, paper, publishing and printing”, -17.2%; “Non-metallic mineral products”, -25.4%; “Rubber and plastic products”, -18.9%; “Basic metal industries”, -10.2%; “Furniture and mattresses, and other manufacturing industries”, -17.6%; “Machinery and equipment”, -9.1%; “Textile products”, -15.8%.
Followed by “Chemical substances and products”, -2.6%; “Metal products”, -8.6%; “Motor vehicles, bodies, trailers and auto parts”, -5.8%; “Other equipment, apparatus and instruments”, -6.8%; “Tobacco products”, -17.5%“Clothing, leather and footwear” shows a negative variation close to zero.
For its part, The “Food and beverage” divisions showed increases, +6.2%; “Oil refining, coke” and nuclear fuel”, +2.4%; and “Other transportation equipment”, +3.3%.
Industry in July: the Government celebrated the data
“Industrial production increased in June”With this phrase, the Ministry of Economy celebrated the recent manufacturing IPI data on social media.
In fact, the economist Martin Vauthiermember of the minister’s inner circle Luis Caputo and director of BICE, wrote on his X account: “The trend-cycle of the IPI Manufacturing (industry) series marked the second consecutive month of positive variation in July. The last increase prior to June 2024 was in March 2023. For its part, ISAC (construction) showed its first monthly increase since May-23.”
And he added: “In the case of the IPI, the deepening of the decline that began in June 2023 had stopped by January. The trend-cycle is very useful for trying to extract medium-term behaviors beyond the volatility inherent in the original and seasonally adjusted series.”
Source: Ambito
