Industrial production grew 3.3% in October, compared to the same month in 2021, and 4.7% compared to October 2019, according to advanced data prepared by the Center for Production Studies (CEP XXI), which takes the energy consumption measured by the Wholesale Electricity Market Administration Company (Cammesa).
Likewise, it is at the highest production levels since the beginning of 2018, rregistering in the eighth month of the year its highest level of activity for this month since at least 2004according to the CEPXXI Productive Panorama.
“The objective of the economic team is to sustain the level of activity while the macroeconomic variables are ordered; the numbers show that, even with the difficulties we are facing at this juncture, that objective is being met”, said the secretary of Industry and Productive Development, José Ignacio de Mendiguren.
In the first eight months of the year economic activity was 6.4% above January-August of last year and 3.4% above the same period of 2019; Of the 15 productive activities, 13 grew in year-on-year terms and 12 had increases compared to August 2019.
In September, industrial activity grew 4.2% year-on-year and 18.9% compared to the same month of 2019, noting the highest level of production for said month since 2017. Compared to August, it showed a slight decrease (-0.2%) in the measurement without seasonality, however, it continues in the highest levels of production of the last five years; if the accumulated January-September is taken into account, the industry grew 6% versus the same period in 2021.
In turn, the industrial growth registered in September was driven by most sectors: Of the 16 industrial sectors, 13 grew compared to the same month in 2021 and all did so in the comparison against 2019.
Advance data for October show a moderation in industrial growth: According to the advanced index of industrial activity prepared by the CEP XXI, which takes energy consumption on the basis of Cammesa, manufacturing production in October grew 3.3% year-on-year and 4.7% compared to the same month in 2019, but it was estimates a slight monthly decrease of 0.6%.
The automotive industry expanded 5.7% in October compared to September in the measurement without seasonality; in September, the building it registered one of the highest levels since there is a record (2012) for said month; total registered employment accumulates 20 consecutive months of month-on-month growth and maintains the highest rate of job creation since also 2012; the knowledge-based services sector continues to break records, particularly in the hands of software and the audiovisual industry.
On the international scene, the growth of Argentine industrial activity with respect to the pre-pandemic continues well above the world average: In September, Argentina was positioned as the country with the highest industrial growth in a sample of 12 countries, completed the job.
