Various reports released today have confirmed that the Argentine economy continued to perform poorly the second half of last year, but that at the same time there were a few indicators showing some signs of recovery.
The Argentine Industrial Union (UIA), which comprises the six most important productive sectors, indicated in a report that industrial activity dropped by 4.1 percent in November 2016 compared to the same month the year before. However, there was one silver lining: it also showed that when compared to last month’s numbers, the sector grew by 5.9 percent.
“In the next months we will continue to see a lower drop in yearly comparisons and monthly improvements,” the report assures.
The Union went on to inform that registered (formal) industrial employment dropped 3.7 percent in October 2016 when compared to the same month last year. As for a comparison with the previous month, it dropped 0.3 percent.
When it came to international trade, however, the numbers saw a significant spike: the report informed that when compared with the same month in 2015, the sector showed a 20.5 percent increase in November. Grains, flour, soy, land transportation material, crude oil, meat, metals and man-made materials were the products that saw the largest increases.
The second report was slightly more disheartening: the Indec statistics agency informed on Wednesday that roughly 128,000 jobs were lost during the first nine months of 2016. Labor Minister Jorge Triaca wasn’t particularly happy about the report. He said the Government “doesn’t have that data” and instead assured the media that, while “the first half of last year was extremely hard for all Argentines, employment grew in the last part [of the year].”
However, Indec reports that during 2016’s third quarter employment dropped 1.5 percent compared to the same period of the year before, and a 0.32 percent compared to the previous quarter. The Government has all its hopes in jump-starting the economy this year. In order to do so, it intends to drastically increase the number of public works, become a principal job creator and help private enterprises boost their production by improving the country’s infrastructure.