MercoPress. South Atlantic News Agency
Argentina’s industrial production up in April, but down in four months of 2013
Auto manufacturing in April was the main boost over a year ago Argentina's April industrial production rose 1.7% over the same month a year earlier with a big jump in automobile output and more modest gains in the production of building materials, government data showed on Friday.
Compared with March, industrial output inched up 0.1% on a seasonally adjusted basis, the INDEC national statistics institute said.
Argentina's economy, the third-biggest in Latin America, has slowed sharply in the past year after booming during most of the last decade. Analysts ascribe this to soft global demand, high inflation and the negative impact of currency and trade controls on investment.
In the first four months of the year, industrial production fell 0.5% versus the same period of 2012, Indec reported.
In April, automobile production surged 38.8% from a year earlier while non-metallic minerals - including glass and cement - rose 7.5%.
Analysts estimate that as people are unable to hold or save in hard currency they are converting their devalued Pesos into assets such as cars and real estate.
In April versus March, oil refining dropped 16.4%, likely reflecting the impact of a fire at the country's biggest refinery complex, which is expected to resume full production next week.
Overall industrial production rose 0.2% in March year-on-year and 1.5% versus February.
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May 27th, 2013 - 05:27 am 0“Argentina's economy, the third-biggest in Latin America”
Fourth biggest after Brazil, Mexico and Colombia.
Once was third but no longer.
“Analysts estimate that as people are unable to hold or save in hard currency they are converting their devalued Pesos into assets such as cars and real estate.”
Something I've been saying for months.
“...the Central Bank can't increase exports or investment, it could lower inflation but won't. And so consumers are spending like there is no tomorrow.
It's called stealing future growth - it will catch up, just like debt in many western countries eventually caught up.”
http://en.mercopress.com/2012/12/26/argentine-economy-forecast-to-expand-4.6-in-2013-but-dollar-clamp-remains#comment201522
@1: LOL I think you are a cu*t, but is not your fault, I think the biggest cu*nts are you mum and dad who brought up a child like you.
May 27th, 2013 - 12:01 pm 0Argentina is the 3rd Latin America economy, the FMI, World Bank, Cepal, CIA Facts, and witch ever stupid agency you can name.
Maybe you are looking at the Blue rate to messure the economy? That's why you are a cu*t. The imports and Exports are at the OFFICIAL RATE, the whole economy moves around the OFFICIAL RATE, so I sugest you get your facts right before looking like and incest c*nt with no brains.
Poor sod!
@2
May 27th, 2013 - 01:30 pm 0Why have TWO rates, most western economies have only one. Please explain why the need for TWO US$ rates?
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