BUENOS AIRES -(Dow Jones)- Argentine manufacturers decreased output in July from a year ago as the economy continued to suffer amid weaker demand at home and from neighboring Brazil.
Industrial production last month fell 2.3% from the same month a year earlier, the consultancy Orlando J. Ferreres & Asociados, or OJF, said late Wednesday.
But in a more hopeful sign, output was up 2.1% on the month.
"Industrial production fell for the fourth consecutive month in July, in its year-on-year comparison, however, this is its first positive month-on-month number in seasonally adjusted terms," OJF said.
OJF noted that car production was down 6.7% in July, a softer decline than in previous months. That helped moderate the overall decline seen in July.
"Meanwhile, the seasonally adjusted increase could signal the beginning of a moderate recovery for the rest of the year," OJF said.
In Argentina last month, output was up in pharmaceutical products (9.8%), plastics (10.1%), paper (4.9%) and beverages (2.5%) from a year ago. Chemical production fell 14.5% while basic metals output was down 10% on the year.
Refinery output fell 8.5% and machine production slid 7.8%. The national statistics institute, Indec, will release official industrial output data on March 23.
nasdaq.com
Industrial production last month fell 2.3% from the same month a year earlier, the consultancy Orlando J. Ferreres & Asociados, or OJF, said late Wednesday.
But in a more hopeful sign, output was up 2.1% on the month.
"Industrial production fell for the fourth consecutive month in July, in its year-on-year comparison, however, this is its first positive month-on-month number in seasonally adjusted terms," OJF said.
OJF noted that car production was down 6.7% in July, a softer decline than in previous months. That helped moderate the overall decline seen in July.
"Meanwhile, the seasonally adjusted increase could signal the beginning of a moderate recovery for the rest of the year," OJF said.
In Argentina last month, output was up in pharmaceutical products (9.8%), plastics (10.1%), paper (4.9%) and beverages (2.5%) from a year ago. Chemical production fell 14.5% while basic metals output was down 10% on the year.
Refinery output fell 8.5% and machine production slid 7.8%. The national statistics institute, Indec, will release official industrial output data on March 23.
nasdaq.com
No comments:
Post a Comment