The output from two of the more important sectors in the country’s economic activity, construction and industry, dropped again in February this year according to the latest reports from the Indec statistics agency, thus continuing with the negative trend that has marked the better part of the Macri administration’s run: the construction sector shrunk for the 14th month in a row, this time by 3.4 percent. Argentina’s industrial output, on its end, produced 6 percent less than the same month last year, in what was its 13th consecutive month in the red.
When delving into the specifics within each sector, the report shows that the textile industry dropped by 16.8 percent. The auto industry also saw a 16.8 percent drop in output for February. However, since the sector’s production grew by a whopping 70 percent last month, its production average for the two first months of the year went up by 11 percent compared to the same period of 2016.
Other smaller sectors that comprise the country’s production industry as a whole, such as the production of tobacco and the printing sector, also continued to show decline with drops in output of 7 and 12 percent respectively. The ones whose activity dropped the least were the companies producing chemical products and the food industry. They produced 4.1 and 4.2 percent less than in February 2016.
As for the construction sector, Indec reported that the area dedicated to building projects, measured by assessing the amount of building permits being submitted, decreased by 23.5 percent. The Macri administration intends to unilaterally reverse this trend by kicking off an important number of public works over the next few months.