Argentine industrial production fell in July for a fourth straight month, the longest decline since 2009 as factories crimped output on lower demand from neighboring Brazil.
Last month’s 2.1 percent contraction was slower than June’s 4.7 percent decline, the National Statistics Institute said today. Production rose 1.4 percent from June, the first monthly increase this year, the agency said.
South America’s second-biggest economy will grow 2.2 percent this year after expanding 8.9 percent in 2011, according to the World Bank. Lower demand from Brazil, the country’s main trade partner, prompted automakers to cut exports 38.4 percent in July from a year earlier.
The government of President Cristina Fernandez de Kirchner tightened import restrictions this year in a bid to protect local producers from competition from foreign goods and prevent the country’s trade surplus from narrowing. The government will continue to stimulate domestic consumption to ensure growth, Economy Minister Hernan Lorenzino said today in Buenos Aires.
To contact the reporters on this story: Silvia Martinez in Buenos Aires at email@example.com; Eliana Raszewski in Buenos Aires at firstname.lastname@example.org.
To contact the editor responsible for this story: Philip Sanders at email@example.com.