Argentina: Industrial output bounces back in March
Industrial output expanded 3.1% in year-on-year terms in March, which contrasted February’s 1.7% decrease. Looking at the details of the release, March’s rebound was broad-based. Machinery and equipment and basic metals production accelerated, while chemical products activity contracted at a softer rate. Lastly, food and beverages output contracted at a softer rate, while automotive vehicles output gained momentum.
On a calendar adjusted monthly basis, industrial production rose 3.4% in March (February: -1.3% mom), the best result since June 2022. Meanwhile, annual average growth of industrial production was steady coming in at February’s 4.0% in March.