Argentina's manufacturing Industrial Production Index (IPIm) plummets a strong 21.2% year-on-year in March, The National Institute of Statistics and Censuses (Indec) said on Wednesday, in the midst of a recessionary process in the domestic economy.
This is the worst monthly figure since May 2020 when it collapsed 26.2% in the midst of the pandemic. The seasonally adjusted series index for the third month of the year showed a decrease of 6.3% compared to the previous month, and the trend-cycle series index registered a negative variation of 1.4% compared to February, he noted.
The Argentine economy faces a recessionary stage with high inflation and increased poverty, which forces the libertarian government of Javier Milei to make a strong fiscal adjustment. The IPIm accumulated a sharp decline of 14.8% in the first quarter of the year, after falling 9.9% in February and a corrected 12% year-on-year in January.
