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The industry recorded its highest annual growth in November since the beginning of 2018

The item that most pulled the rebound during the eleventh month of the year was machinery and equipment, which showed an annual increase of 30.9%. It was driven by the manufacture of agricultural machinery and household appliances, mainly refrigerators, washing machines and kitchens. Sources consulted by INDEC indicated that the Now 12 program contributed to propping up demand in the domestic market.

Similar growth exhibited the category corresponding to other equipment, apparatus and instruments, mainly driven by the increase in cell phone production, which had been paralyzed during certain periods of the year due to sanitary restrictions, and due to growing demand, also helped by installment financing.

Meanwhile, the production of food and drinks it climbed 4.3% compared to the same month last year, the second most important increase due to its impact on the general index. Within this category, what grew the most was the generation of “other food products”, such as condiments, dressings and sauces, snack products, and concentrates for beverages. Wine exports also drove, which rose more than 20% annually.

Two other significant increases were those observed in the production of non-metallic minerals and in the Automotive industry, both of 15.3% in the annual comparison. In the first case, the improvement was linked to higher demand from the construction sector, while in the second case, the increase was driven by the manufacture of vehicles for the domestic market.

Of the sectors that fell, all slowed the decline compared to October. The greatest contraction occurred in Clothing, leather and footwear (-19.6%).

It should be remembered that in October the industry had suffered a decrease of 3.1% after registering in September the first annual growth of 2020. With the data for November, In the first eleven months of the year, the sector’s production accumulated a reduction of 8.6% against the same period of the previous year.

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