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%).
According to the country's stats office, Indec, output contracted particularly sharply for: textiles (-32.2%), machinery (-26.2%), plastics (-17.4%), and vehicles (-14.8%). Considering the first eleven months of 2018, industrial activity shrank 3.8% compared to same period of the previous year.
Industrial Production in Argentina averaged 2.10% from 1995 until 2018, reaching an all time high of 24.60% in March of 2003 and a record low of -22.30% in March of 2002.
Construction likewise contracted 15.9% in November, its largest drop in almost two years. The freezing of public works contracts and of mortgage loans for house building have had a huge impact. However despite the negative month the overall activity index remained positive at 2.7%.