Central Bank survey forecasts 65 pesos per dollar by end of 2019

However, predictions for the exchange rate for the end of the year have now moved up to 65 pesos per dollar, a 71.6 percent devaluation since January.

The average estimate for September’s inflation is 5.8 percent.

In related news, the INDEC national statistics bureau said Thursday that industrial production fell 6.4 percent in August compared to the same month a year ago. That marks the 16th straight month of decline in industrial output in Argentina.

The data follows a revised 1.8-percent drop in industrial output in July versus the same month last year, Reuters reported.

INDEC also said that manufacturing activity in August was 2.8 percent lower than in July, pushing the figure to a cumulative 8.1-percent decline since the turn of the year.

Construction activity dropped 5.9 percent in August year-onyear, but rose 0.4 percent when compared to July. In total, the construction sector has experienced an eight-percent decrease of 8% between January and last month, INDEC said.

Some 70.5 percent of companies engaged in public works said they anticipated a slowdown in the September to November period, compared to 70.7 percent for those in the private sector.