Argentina industrial production plummeted 13.3% in October 2018 after plunging 6.8% in the previous month. It was the seventh straight drop and the sharpest decline since June 2002, as all categories fell excluding tobacco (+1.5%) and basic metals (+4.1%).
Manufacturing in Argentina fell 6.8% in October year on year, while construction declined 3.7%, and in the first ten months of this year 2.5% and 4.9% respectively according to the Indec statistics bureau report. Firms were hit hard by a contraction in economic activity and the devaluation of the Peso against the US dollar.
Argentina’s central bank held its benchmark interest rate at 27.25% on Tuesday, reiterating in a statement that high-frequency indicators suggested core inflation would remain high in April, but below March levels.
Argentina's construction activity experienced a notable slowdown in April, the latest indicator pointing to a cooling of economic growth. Looking ahead prospects are not encouraging given the strict restrictions on US dollars, which is the main currency for real estate operations in Argentina.
Argentina's construction activity rose 7.3% on the year in August, as builders and private investors continued to benefit from a booming economy and high inflation.
Argentina's construction activity was up 4% in March from the same month a year ago, the smallest increase in at least 15 months. In comparison, construction activity in March 2010 was up 12.8% on the year.
Cuba began granting licenses to people to build homes “with their own effort”, an initiative approved last year by President Raúl Castro. The granting of the permits was finally approved by the National Housing Institute for people who are the owners of land, homes or other areas included in the new resolution.