Industrial activity had year-on-year growth of 8.1% in May

Wednesday June 22, 2022 | 5:07 p.m.

Industrial activity grew 8.1% in May compared to the same month of the previous year, according to the results of a survey carried out by the Center for Production Studies (CEP XXI) -which works in the orbit of the Ministry of Productive Development – based on the energy consumption of the manufacturing sector.

“Industrial activity deepens the growth path and marked an increase of 8.1% year-on-year in May, with greater consumption in plants of the most relevant industries, according to the advanced index that takes energy consumption based on Cammesa ( Administrative Company of the Wholesale Electricity Market),” said the CEP XXI.

The report clarifies that industrial growth is in line with the data from the National Institute of Statistics and Censuses (Indec), which in April reported a year-on-year rise of 4.7%.

Likewise, it specifies that compared to May 2019 -before the outbreak of the pandemic-, the growth in activity was 4.1 points.

Regarding the consolidated data for April, the year-on-year increase in industrial activity surveyed by the CEP XXI was 9.2%, slightly lower than the 9.5% reported this Tuesday for the same period by the Argentine Industrial Union (UIA). .

The manufacturing plant had warned in the presentation of its report that the high percentage of year-on-year growth was due to the low base of comparison represented by April of last year, which along with May had restrictions due to the second wave of Covid-19.

The sectors that grew the most
Regarding economic activity as a whole, in March it grew 4.8% year-on-year and 5.9% compared to the same month in 2019.

Of the 15 productive activities, improvements were highlighted in industry, commerce, electricity, gas and water, and oil and mining; and in the accumulated of the first quarter of 2022, the activity presented an increase of 6.1% year-on-year and 3.7% compared to the same period of 2019.

In the employment chapter, it was recalled that it grew for 15 consecutive months, and specifically in March it increased by 38,300 workers compared to February in the measurement without seasonality (+0.3%).

The formal private salaried sector increased by 20,800 workers (+0.3%), and in recent months has been registering the highest rate of job creation since 2011, while in self-employment the number of monotributistas grew (+0.8 %; 15,000 jobs) and the self-employed expanded 0.6% (2,500 jobs).

For its part, in April construction activity grew 8.8% year-on-year and 9.2% compared to April 2019, thus registering the second highest level since at least 2013.

Exports grew 35.6% year-on-year in April, far exceeding pre-pandemic levels, while the automotive sector continues to show positive numbers: 32.8% more units were produced in May than in the same month of the year last and 53.3% more than in the same month of 2019.

rising construction

The CEP XXI report indicates that construction grew 8.8% year-on-year and 9.2% compared to April 2019, with the second highest level since at least 2013 for that month, with an increase of 5.4% in the measurement seasonally adjusted and 1% in the trend-cycle.

Although the sector does not yet have data for May, data from the Association of Portland Cement Manufacturers (AFCP) “suggest continued growth for that month,” he added.

That chamber indicated in this regard that “cement consumption increased 24.5% year-on-year and 12.8% compared to 2019, registering the highest level for a month of May since at least 2004.”

“The Construya Index, for its part, grew 16.8% year-on-year and 23.6% compared to May 2019,” he added.

As for imports of capital goods, they had an increase of 42.5% in year-on-year terms and 54.7% in relation to the same month of 2019.

On the other hand, sales at constant values ​​with the Now 12 program reached $150,866 million in May, exceeding by 30.1% those of the same month of 2021 and by 61.4% those of 2020.

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