Argentina's recession-hit economy shrank by 2.1% in 2019, the INDEC national statistics bureau said. The economy contracted by 0.3% in December compared to the same period in 2018. The hardest-hit sectors that month were financial services (-10%), and construction (-8%). On the other hand, the fishing industry grew by 13.5%. GDP had already dropped by 2.5% in 2018.
Argentina industrial activity plummeted 6.3% during 2019, completing two consecutive years of losses, reported the Argentina Industrial Union (UIA). A survey of the sector showed auto manufacturing suffered the greatest contraction at 32.5%, strongly affecting the final result of the index. Other sectors in the red included basic metals foundry, down 8% and metal-mechanics, 7.5%. Non metallic metals slipped 6.8%, textiles, 5.6% and printing, 2.2%.
The utilisation of installed capacity in the industry rose in December to 56.9%, compared to a year earlier, the National Institute of Statistics and Census (Indec) reported on Wednesday. Among the sectors with higher levels are petroleum refining (78.6%), chemical substances and products (68.8%), paper and cardboard (68.1%), basic metal industries (66.1%), and food and beverage products (63.3%).In contrast, the automotive industry decreased by 21.1% compared to December 2018.
The utilisation of installed capacity in the industry fell in November last year to 60%, from 63% in the same month of 2018, reported the National Institute of Statistics and Census (Indec). The fall was related to the 4.5% year-on-year decline in manufacturing activity.
In October, the decrease in jobs amounted to 52,947 jobs compared to October 2018, according to the Argentine Industrial Union (UIA). Between October 2015 and the same month of 2019, the loss of formal private jobs in the economy as a whole was 229 thousand jobs, of which 167,400 were lost in the manufacturing industry.