BUENOS AIRES -- Industrial production fell 1.1% month-on-month (seasonally adjusted, non- annualized) in March, according to local economic consultancy FIEL.
While on an annual basis industrial production has risen 1.5%, most of that took place before the government decided to not to settle with holdouts and default again on its international debt. In the first three months of the year, industrial production fell 4.5% year-on-year.
Automobile production continued to be the weakest performing sector, falling 17.0% yoy, followed by a 13.1% yoy lower production of chemicals and plastics. Meanwhile, oil processing, non-metallic minerals production, and the food and beverages sector, rose 7.1% yoy, 5.3% yoy and 3.4% yoy, respectively.
INDEC reported that industrial production fell 0.6% mom (seasonally adjusted, nonannualized) in March.