Argentina’s industrial output declined last August

Buenos Aires – dpa


Posted on: Wed 7 Oct 2020 – 10:37 PM | Last update: Wednesday, October 7, 2020 – 10:37 PM

Economic data published today, Wednesday, showed that Argentina’s industrial output declined during last August, after three months of steady growth, indicating that the economy’s recovery has faltered from the decline it recorded earlier this year.

According to government data released today, industrial output in Argentina declined by 0.9 percent from the previous month, and by 7.1 percent compared to the same month last year. The construction sector activity declined during the same period, by 1 percent per month and by 17.7 percent annually.

And Bloomberg News indicated that the decline in industrial output last August is the first since its sharp decline last April, which was a result of strict quarantine measures imposed by the government to stop the spread of the new Corona virus.

This comes at a time when the government expects the Argentine economy to shrink during the current year by about 12 percent of GDP, to record its largest contraction in history. At the same time, inflation will remain above 40 percent and unemployment will remain at its highest level in 16 years. And Argentina’s manufacturing sector activity is still below its level before the outbreak of the Corona pandemic.

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