Argentina’s industrial production to grow 4% in 2012

Industrial production in Argentina is expected to increase by around 4% this year, the country’s industry minister, Débora Giorgi, has announced.

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“Argentina shows a clear growth in its industrial activity after the global crisis, reaching new production records,” Giorgi said late last week at an event in Santiago del Estero province, according to an official statement from the ministry.

The government expects GDP to rise by between 4% and 5% this year.

“From 2003 to the present, Argentina achieved average growth of around 7.5% per year, [making it] the most important growth period in national history, despite the international financial meltdown affecting the world,” Giorgi noted.

The minister has recently said that car manufacturing output is expected to increase in Argentina in the second half of 2012, following a weak first half to the year.

Crude steel production between January and August this year was 6.4% lower than in the corresponding period of 2011, but mainly on the back of planned maintenance work begun by Argentinian steelmakers in July.

Recently, Ternium Siderar, Argentina’s largest steelmaker, increased its domestic prices by 2-3%.

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