Argentina's Ministry of Development and Production anticipated that the country's industrial output should grow more than 6% this year compared to 2020. Economist Matias Kulfas said he expected Argentina's economy as a whole to expand 5% to 6% during the year, based on preliminary data and depending on how the novel coronavirus and vaccination campaign evolves and its impact on growth.
The latest poll of economists by the central bank showed expectations of 6.2% economic growth in 2021. The economy contracted 10% last year.
The change in industrial policy has allowed growth in production and employment at rates above the pre-pandemic period, Kulfas told reporters during a trip to a Toyota automobile plant in Buenos Aires.
Automotive production in the country fell 18.3% last year, according to the Association of Automotive Manufacturers.
The economy has been in recession since 2018. The government shut down swaths of the industrial sector about a year ago in reaction to the pandemic. Many restrictions have been lifted in recent months.
Industrial output fell 7.6% in 2020 following a contraction of 6.3% in 2019. Argentina, the third largest Latin American economy has been through stagflation and recession since 2012.