Argentina highlights industrial activity growth despite “financial turbulence”

Argentina’s Secretary (Deputy Minister) of Industry and Productive Development, José Ignacio de Mendiguren, today, Friday, highlighted the growth of industrial activity recorded last July, which was 3.5% year-on-year, despite the situation of financial instability.

“July was a month of financial and exchange turbulence. Even so, the industry grew 3.5% in the year-on-year comparison,” stated Mendiguren through his social network Twitter account, highlighting the Government’s objectives in economic and productive matters.

“The objective is to order the macro (macroeconomic) variables by sustaining the level of activity, production, and employment,” said the head of the Secretariat of Industry and Productive Development, recently attached to the Ministry of Economy.

The official also emphasized the revision of the figures of the Centro de Estudios para la Producción (Production Studies Center), which depends on the Ministry of Economy, with higher growth in the automotive and construction sectors in the seventh month of the year.

The automotive sector grew 37.9% year-on-year last July, the highest production recorded since 2015, while construction grew by 9.8%, according to the state report.

Mendiguren highlighted the creation of 59,700 new jobs in the industrial sector in 12 months, with 17 consecutive months of employment expansion, according to the state survey.

The official also stressed the level of operability of the Argentine industry with around 70% of its installed capacity, which he considered “the highest level in five years”.

“It is not by chance. It is the result of a sustained public policy strategy over time, even in a context of difficulties such as the current one,” he said.

With information from Xinhua