Argentina's industry output rises 3.8 percent

Argentina's industrial production rose 3.8 percent in June, much less than expected, and edged down from May, government data showed on Friday, a sign the country's recent economic rebound may be shakier than thought. The median forecast in a Reuters poll for year-on-year growth was 4.8 percent. Output slipped 0.1 percent in June compared with May, seasonally adjusted, according to the report from the INDEC national statistics institute.
Argentina posted much stronger-than-expected economic activity in May of 7.8 percent, after reporting low growth throughout much of 2012. Growth data has not yet been published for June. Automobile production, which has been driving industry output, fell by 20.1 percent from May though it rose by 19.8 percent from June 2012. Production of building materials, including glass and cement, fell 5 percent from the previous month and rose 7 percent from the previous year. In the first six months of the year, industrial production rose 1.1 percent from the same 2012 period, seasonally adjusted, INDEC said.