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ECONOMY | 28-03-2019 23:09

Economic activity fell 5.7% in January year-on-year, reports INDEC

The slump in activity was felt hardest by the manufacturing industry, which dropped by 10.1 percent year-on-year.

Economic activity fell 5.7 percent in January compared to the same month last year, the INDEC national statistics bureau reported Thursday.

However, according to INDEC's seasonally adjusted index, economic activity in the first month of the year rose by 0.6 percent compared to December 2018.

The economy is currently in a recession after three consecutive negative quarters in 2018, a year in which gross domestic product (GDP) fell by 2.5 percent. While INDEC's latest figure is not a measurement of GDP, the bureau's monthly estimate of economic activity normally gives an indication of where GDP will head.

The slump in activity was felt hardest by the manufacturing industry, which dropped by 10.1 percent year-on-year. The sector is facing one of its worst crises of the past decade, with producers operating at just half of their installed capacity, according to INDEC.

Wholesale trade, retail and repairs are also facing hardship, registering a decrease of 12.3 percent year-on-year.

- TIMES/AFP

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