The volume of the Industrial production improved by 1.7% year-on-year in May, according to the indicator that measures monthly the National Institute of Statistics (INE), which reflected that the Index of Hours Worked per worker (IHT) grew by 1.1% in that period, while the Employed Personnel Index (IPO) fell 0.01%.
The increase reaches up to 4% compared to the same month in 2023 if the refinery is excluded. Ancap, after the plant was shut down The Tile, According to the latest technical bulletin of the Manufacturing Industry Physical Volume Index (IVFIM).
Precisely because of the halt that the reconditioning of the main refinery of Ancap, the Industrial production has accumulated a fall of 1.8% so far this year, which has been reduced to 0.5% in the 12 months ending in May.
Taking into account the 0.2% improvement in the industrial core and the resumption of activities in La Teja, is expected to be reflected “in higher (high) interannual growth during the coming months,” observed the economist Aldo Lema.
The sectors that drove the improvement of industrial production
The growth in volume of the activity was driven by the ““production of food products”, division, which improved by 5.9% year-on-year, with a positive impact of 2.6 percentage points.
Among the sub-branches, the 52.6% increase in “manufacturing of food products” stood out. milling, starches and starch-derived products” and 7.8% in “production of other food products”.
In turn, the “manufacturing of paper and paper products” improved by 16.2% year-on-year, with an impact of 1.7 percentage points, while the “manufacturing of pharmaceutical products” improved by 24.5%, with an incidence of 1.5 points.
On the other hand, the division with the greatest negative impact is “oil refinery”, with a decrease of 37.5% and a negative impact of 2.1 percentage points.
Source: Ambito
