Argentina's industrial production dropped for a fifth consecutive month in May, according to a report released this week by the country's state statistics agency. Industrial production fell 1.7 percent in May compared to the same month a year ago and was down 0.2 percent compared to the previous month, according to the report from the National Institute of Statistics and Census (INDEC).
According to INDEC, Argentina's industrial output contracted by an accumulated 1.9 percent in the first five months of the year compared to the same period last year.
Private figures, however, show a much darker scenario. According to the Foundation of Latin American Economic Research (FIEL), industrial production in Argentina declined by 12.2 percent in May compared to the same month last year, while the accumulated fall seen in the first five months of the year reached -12.6 percent. FIEL reported that industrial production was unchanged from April to May on seasonally adjusted terms, however.
According to another private report by the consultant firm Orlando Ferres, industrial production declined by 8.6 percent in May and by 8.5 percent in the first five months of the year, both compared to the corresponding periods of last year.
INDEC also reported that in May steel production in Argentina harshly fell 35.2 percent and automotive output declined 20.7 percent compared to the same month a year ago. These figures also contrast from FIEL's report, which announced a steel production drop of 33.1 percent and an automotive production decline of 44 percent.