Argentina industrial output falls 5% m/m in July, 9.1% below end-2023

Argentine industrial activity fell 5% month-on-month in July, the steepest drop in 16 months and second largest in the historical series excluding the pandemic pause, driven by weak domestic consumption and rising import competition. The cumulative decline of 9.1% since end-2023 signals deepening economic contraction, with no immediate policy response indicated.