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ECONOMY | 08-10-2020 15:18

Economic recovery stalls with industry declining

Industrial production fell 0.9% in August compared to July and 7.1% from the previous year, according to official data.

Argentina's recovery from its economic downturn earlier this year took a step back in August after three months of gains.

Industrial production fell 0.9 percent in August compared to July and 7.1 percent from the previous year. Construction also fell one percent from February and 17.7 percent from the previous year, according to government data released Wednesday.

It was the first negative result for the productive sector since a sharp fall in April caused by the strict quarantine by Covid-19.

Argentina's economy is forecast to contract by around 12 percent this year, according to government projections. Inflation remains above 40 percent annually and unemployment is at a 16-year high. Activity in Argentina's manufacturing sector remains well below pre-quarantine levels on a seasonally adjusted basis.

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by Patrick Gillespie, Bloomberg

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