In March, industry and construction took a step forward and they recovered after the decline both sectors had shown in February. According to data released today by INDEC, the sector grew by 3.4% in March compared to the previous month.
In terms of year to year, manufacturing activity grew by 3.1% in March, compared to the 1.7% decline it had seen in February versus the same month in 2022. And it adds up to a 2.6% expansion so far in 2023.
On the construction side, the advance in March compared to the same month in 2022 was 1.2%. Compared to February there was a recovery of 3.5%. So far this year, the sector shows a decline of 0.8%.
In February construction had lost 6.3% in the interim measurement.
With March records, both sectors interrupt the contraction they had been showingalthough this negative trend is expected to resume in April amid rising inflation and alternative dollars.
In March, twelve of the sixteen divisions grew in the sectormainly “motor vehicles, bodies, trailers and auto parts”, with 17.4% and “refinery of oil, coke and nuclear fuels” and “other equipment, devices and instruments” with 17.2%.
The sharpest drops were recorded in the “wood, paper, publishing and printing” category (-4.2%); “chemical substances and products” (-3.6%); “food and beverages” (-0.8%) and “textile products” (-0.7%).
In 2022, industry grew by 4.3%, while construction increased by 3.6%.
The data on the apparent consumption of construction inputs in March 2023 show, compared to the same month of the previous year, increases of 21.6% in granite and limestone mosaics; 19.8% in finished concrete; 18.5% in other inputs (includes faucets, seamless steel pipe, and glass for construction) and 6.4% in Portland cement.
Meanwhile, decreases of 25.8% are observed in ceramic sanitary ware; 15.3% in ceramic floors and walls; 12.8% in drilled and 9.7% in asphalt.
Charles Arterburn is a seasoned business journalist for News Rebeat, where he provides comprehensive coverage of the latest trends and developments in the world of finance and economics.