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Argentine building industry declining tendency accelerates

Thursday, July 31st 2008 - 21:00 UTC
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Argentine construction activity fell the most in more than four years last month as faster inflation and a farmers strike threatened to undermine a five year running expansion of the economy.

Construction declined a seasonally adjusted 8.8% from May according to the Statistics and Census Institute, Indec, which is the most since April 2004. Construction declined a non- seasonally adjusted 6.4% in June from a year earlier. Faster inflation and the political shambles which surfaced from the four-month stand off with farmers have hit growth expectations in the second largest South American economy. Argentina's Central bank cut its 2008 growth forecast to 6.5% from a previous estimate of 7%. Industrial output grew 1.6% in June from a year earlier, the smallest expansion since November 2002. The Argentine economy has been expanding at an average 8.5% since the 2001/2002 meltdown. Asphalt production fell 39% in June from the previous month reported Indec, Similarly with paint production which declined 20% in the same period. Argentine consumer prices rose 9.3% in June from a year earlier according to the official but controversial Indec. However independent economists and the private sector say prices are rising between 25 and 30% annually.

Categories: Economy, Argentina.

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