Industrial production fell 4.8% in October compared to the same period of 2017, accumulating seven months of falls, according to a report by the Center for Economic Studies of Orlando Ferreres.
Between January and October, manufacturing activity accumulated a shrinkage of 3.5% With respect to the same period of 2017 and in relation to previous September, the seasonally adjusted measurement observed a growth of 1.4%, said the consultant.
"Although in view of the seasonal data it seems that the most recessive phase of the cycle has been left behind, the situation does not allow us to be very optimistic in the short term, and we will have to wait until 2019 to see a more accurate recovery of the The hand of a more livelier agricultural sector and a more stable macroeconomic landscape ", the company indicates.
In the tenth month of 2018, the dynamics was influenced by what happened in the food segment, which highlighted the decrease in the production of oils and soft drinks (the two most-weighted chapters), which recorded losses of 5.7% and 12.3% respectively.
Likewise, it was also considerable 7.9% decline in the non-metallic mineral sector, because of the smaller cement offices.
However, the study indicates that "the largest ballast for the industry in October has been the automotive sector, which with a contraction of 11.8% year-on-year contributed almost 2 percentage points to the lower of the general index."
The food, beverage and tobacco sector posted a year-on-year drop of 2.4% in October, showing a slowdown in its contraction, after registering a decrease of 5.8% last month, and negative variations above 8% in the four previous months.
The machinery and equipment sector observed a contraction of 15.9% per annum, with falls in all the divisions analyzed, although it decreased with respect to the low of September.
"The poor results that showed the agricultural machinery industry and the domestic appliance industries, added the automotive sector, falling for the second consecutive month, this time to 11.8% year-on-year," said the study.
The basic metals item was the only one that showed positive numbers for this month, recording a 15.1% annual expansion.
"This record is explained in part because last October of this year plant stoppages took place to maintain laminate production lines," the report said.