Argentina's industrial sector fell by 12.8% so far this year

Published at: 18/09/2024 03:15 PM

A report released today Tuesday by the Argentine Industrial Union (UIA) indicated that the South American country's industrial sector fell 5.8% year-on-year in July and accumulated a decline of 12.8% in the first seven months of 2024.

According to the data released, the union indicated that the Argentine industry accumulated 14 months of consecutive year-on-year decline.

In this regard, the UIA anticipated that in August it contracted again as a result of sharp falls in areas such as cement shipments, car production, and others.

So far this year, all items reflected year-on-year declines, led by non-metallic minerals, which declined 29.3% in the first seven months of 2024.

Argentina is facing an extension of the economic recession amid the fiscal adjustment policies being carried out by the Government of President Javier Milei that have impacted consumption, Xinhua reports.

Mazo News Team