The National Institute of Statistics and Censuses (INDEC) reported on Apr. 9 that both industrial activity and construction registered new declines during February. The data show a continued contraction in these two key sectors, with decreases compared to both the previous year and the prior month.
According to the report, the Industrial Production Index showed an 8.7% drop compared to February of last year, and a 4% decrease from January. So far this year, the sector has accumulated a contraction of 6%.
The report notes that fourteen out of sixteen industrial divisions experienced year-on-year declines. The most significant drops were seen in automotive and other transport equipment, textiles, machinery and equipment, as well as clothing manufacturing. Food and beverages also decreased by about 7%. Only two sectors—oil refining and chemical products—showed growth; however, their performance was not enough to offset overall losses.
Construction activity also weakened during February. The Synthetic Indicator of Construction Activity fell by 0.7% compared to last year and by 1.3% from January. Despite this, there was a slight improvement of 0.3% over the first two months combined.
Consumption patterns for building materials were mixed: increases were recorded for ready-mixed concrete, paints, and sanitary items while key inputs such as cement, bricks, plaster, and coatings saw notable declines.
As additional information for January—the latest available month—formal employment in construction rose by 3.6% compared to the previous year with more than 386 thousand registered private sector jobs.
