Industrial production in Argentina grew 2.6% year-on-year and had the best start in 6 years

Inspenet, May 13, 2023

In the first quarter of the year, industrial production grew 2.6% year-on-year, which represents the highest production for this period in 6 years. Particularly, in March the industry grew 3.1% compared to the same month last year and 3.4% compared to February (without seasonality).

In this sense, it is the March with the highest industrial production since at least 2016 (beginning of the series). Construction activity also boosted the economy in March with growth of 1.2% compared to the same month in 2022 and 3.5% compared to February.

“These positive data, despite the difficulties we have, are not by chance, they are the result of the policies that Sergio Massa outlined and that we promote from the productive cabinet: we order the variables of the economy, supporting national production and employment. And with a clear political decision, the Argentine industry continues to grow and drive the activity”, affirmed the Secretary of Industry and Productive Development of the Nation, José Ignacio de Mendiguren.

1802 produccion industrial Argentina shutterstock interna
Industrial production in Argentina grew 2.6% year-on-year and had the best start in 6 years

INDEC consolidates data on industrial production

The data are consolidated by the National Institute of Statistics and Censuses (INDEC) for the month of March on the manufacturing industrial production index and the indicators of the construction activity.

According to these data, the sectors that contributed the most to the year-on-year growth of the industry in March were: automotive industry (+17.4% year-on-year), basic metals (+8.4% yoy), other equipment, appliances and instruments ( +17.2% yoy) and oil refining (+17.2% yoy). Meanwhile, in the inter-monthly measurement they were: Food and beverages (+3.7% vs. February 2023); Basic metal industries (+3.7% MoM) and Other equipment, appliances and instruments (+9.1% MoM).

On the other hand, the sectors affected by the drought with a negative incidence in the industry in the interannual measurement of March were oilseed milling (-21.3% yoy), cereal milling (-2.4%), and agrochemicals (- 16%).

Regarding the construction activity, of the inputs used in the activity, 6 of the 13 items presented increases in their demand in March compared to the same month in 2022. The rises in granite and calcareous mosaics and elaborated concrete stand out.

The jobs registered in the private sector in the construction activity in the month of February registered an expansion of 16.4% compared to February 2022 (+65,856 additional jobs, totaling 467,201 jobs). In the month-on-month comparison, it grew 1.8% compared to January and accumulates 31 consecutive months of expansion in this comparison.

The general expectations of companies related to private works remain positive for the coming months. 64.1% of those surveyed expect that the level of activity will not change; 11.5% to increase and 24.4% to decrease.

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Internal photo : ShutterStock

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