The industrial sector recorded the sixth consecutive decline in October, shrinking by 3.6% yoy, Fundación Fiel said on Wednesday. In September, industrial production is 3.2% higher, including seasonal factors, whereas if adjusted, there was a slight decline (-0.3%).
Thus, in the first ten months of the year and compared to the previous year, industrial activity decreased by 1.9%. In the month, 7 out of 10 branch offices declined, highlighting the fall in car production, metalworking, non-metallic minerals and chemicals and plastics.
There was also progress in oil processing and steel production in the month. In the first ten months of the year and compared to the same period in 2017, the steel industry continued to grow industrial growth with an increase of 9.8%. Car production increased by 4% in the January-October period compared with the same period of the previous year, followed by non-metallic minerals, paper and pulp, which accounted for 0.5% of manufacturing and food and beverages (+ 0.2%).
The decline was below the industry average for the period January – October, and compared to the previous year, textile inputs (and cigarette shipments) were observed.
Other sectors of activity show a deeper decline than industry average, starting with oil processing (chemical and plastic raw materials production (and the production of the metalworking complex, which accrues a drop of 8%.
After the classification of the industrial sectors by type of goods, they all showed a slowdown in the first ten months of the year. The largest decline was observed in the production of fixed assets, which decreased by 6.6% compared to the same period of the previous year.
Long-term consumer goods declined by 3% in the first ten months of the year, while intermediate goods shrank by 1.9% in the same period. Finally, the production of short-term goods decreased by 0.1% in the January-October period compared to the same period of the previous year.