The Center for Studies for Production (CEP XXI) of the Ministry of Industry and Productive Development of the Nation reported that Industrial production grew 0.5% year-on-year in February and rose 0.6% compared to January no seasonality. Thus, it accumulated two months of consecutive growth reaching the highest production for a first two-month period in five years. Compared to February 2019, industrial production grew by 10.1%.
“With all the difficulties that we have from the pandemic, the war and now the drought, the numbers continue to show that the economic course we are taking is the right one and we are complying with Sergio Massa’s political decision to order the macroeconomy while maintaining the level of activity focused on industry and value added”pointed out the Secretary of Industry and Productive Development, José Ignacio de Mendiguren.
It may interest you: Sergio Massa gave details about the debt swap in dollars
In January, industrial activity grew 6.3% compared to the same month in 2022. In this way, it ranked as the second busiest January of the entire series. It also grew 0.7% compared to December without seasonality. The government index revealed that this growth was widespread among industrial branches: of 16 sectors, 14 grew against the same month of 2022 and 12 did so compared to December.
The sectors that contributed the most to industrial growth in January were: food and drinks (+9.1% year-on-year -yoy-), basic metal industries (+8.9% yoy), automotive (+24.8% yoy), metal products (+15.2% yoy), rubber and plastic (+10.3% yoy), non metallic minerals (7.3% yoy) and clothing (+12% yoy).
Read more: The minimum wage will be almost 88 thousand pesos for June