MercoPress. South Atlantic News Agency

Argentina’s industrial production showing signs of recovery

In the first eight months of the year automobile manufacturing plunged 34%

Argentina's industrial production index in August rose 1.4% on the month, but was down 4.7% on the year, the Foundation for Latin American Economic Research, FIEL, said in a report released Wednesday.

The seasonally adjusted index posted a 9.3% decline on the year during the first eight months of the year, FIEL said. From January to August, the steepest declines were seen in steel production, which fell 30.3% on the year, and automobile manufacturing, which fell 33.9%.

The only sector that saw a gain was food and beverages, up 2% on the year during the first eight months of 2009.

The index shows “an abrupt industrial production decline starting in early 2008 up to the first two months of 2009, when production levels stabilized,” FIEL said.