Argentina's industrial production contracted at a slower rate in June than in the previous two months, according to a report from independent consultancy group Orlando J Ferreres (OJF). Meanwhile, Argentina's metals industries remained sharply down through June.
Argentine industrial production declined by -7.5 percent in June compared to the same month a year earlier. However, while still negative, June's rate of decline was not as severe as those for April and May, which were -9.1 and -9.5 percent from the same months of 2008, respectively.
The report shows an accumulated industrial production drop of -9.2 percent in the first half of the year compared to 2008 figures.
The steepest drop in Argentina's industrial output in June and in the first half of the year was recorded in the metals manufacturing industry, which declined -40 percent in June and -39.2 percent in the first six months of 2009, both compared to the same periods of last year.
"The reduced global demand, which caused steel prices to drop, along with the decline in local automobile and agricultural production as well as the drop in the construction sector amongst others, explain the dismal performance of the metals industry," said OJF.