2023-07-06 19:57:06
The Manufacturing Industrial Production Index registered in May an increase of 1,1% compared to the same month of 2022, as reported this Wednesday by the National Institute of Statistics and Censuses (Indec).
Meanwhile, in the first 5 months of the year the index presented an increase of 2,2% compared to the same period of 2022.
However, in the monthly comparison, industrial production fell 1,5% compared to April.
In May, 10 of the 16 divisions of the manufacturing industry posted year-on-year increases. In order to its incidence at the general level, increases were registered in “Basic metal industries”, 9.2%; “Furniture and mattresses, and other manufacturing industries”, 10.7%; “Chemical substances and products”, 2.1%; “Clothing, leather and footwear”, 5.9%; “Automotive vehicles, bodies, trailers and auto parts”, 5.0%; “Rubber and plastic products”, 3.3%; “Oil refining, coke and nuclear fuel”, 3.8%; “Textile products”, 4.2%; “Tobacco products”, 11.9%; and “Other transport equipment”, 4.5%.
The inevitable recession: everyone knows it and they play “fools”
For their part, the “Wood, paper, publishing and printing” divisions showed decreases, 4.8%; “Non-metallic mineral products”, 5.3%; “Machinery and equipment”, 2.9%; “Other equipment, devices and instruments”, 4.0%; and “Metal products”, 0.9%. Likewise, “Food and beverages” showed a decrease close to zero.
Regarding “Wood, paper, publishing and printing”, INDEC pointed out that the lower activity in the sector in May is mainly linked to the decrease in demand for corks.
“According to sources consulted, this responds to the climatic factors that affected the wine sector. Indeed, shipments of split wine to be marketed in the domestic market, measured in hectoliters, register a year-on-year decrease of 4.9% and shipments for exports register a year-on-year drop of 25% in the month under analysis”, explained the organism.
Regarding “Non-metallic mineral products”, the lower production of this segment is mainly related to the decrease in the elaboration of hollow bricks. According to data from the synthetic indicator of construction activity (ISAC), in May there was a 15.1% year-on-year drop in domestic consumption of hollow bricks.
The World Bank estimated that Argentina will fall into recession this year, but will improve in 2024
construction activity
In detail, the ISAC fell for the second consecutive month: it presented a drop of 2.9% compared to the same month of 2022 and in the first 5 months of the year it presented a drop of 1,9% compared to the same period last year.
In the monthly comparison, the construction registered a negative variation of 2,2% compared to April.
The data on the apparent consumption of inputs for construction in May 2023 show, in relation to the same month of the previous year, increases of 21.3% in granite and calcareous mosaics; 12.0% in the rest of the inputs (includes faucets, seamless steel tubes and glass for construction); 8.9% in plasterboard; 3.8% in ceramic sanitary ware; 2.5% in construction paints; 2.1% in ceramic floors and coverings; and 1.7% in finished concrete.
Meanwhile, drops of 15.1% are observed in hollow bricks; 9.6% in asphalt; 8.7% in limes; 8.3% in round iron and steel for construction; 5.9% in plaster; and 1.5% in portland cement.
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