(Adds details from report, background on Argentina's economy)
BUENOS AIRES Dec 28 Argentina's industrial
production contracted 4.1 percent in November from
the same month a year earlier, national statistics agency Indec
said on Wednesday, marking the tenth straight month of shrinking
The drop was less sharp than the median expectation for a
4.5 percent year-on-year decline in a Reuters poll, and marked
the smallest drop compared with the same month the previous year
since March. Output has fallen 4.9 percent through the first 11
months of the year, unchanged from the 10-month total.
Argentina's economy remains in recession one year into
center-right President Mauricio Macri's term, as inflation eats
into consumers' purchasing power and a promised flurry of
foreign investments has failed to materialize.
Earlier this week, Macri sacked finance minister Alfonso
Prat-Gay and split the ministry. Economists see Argentina's
economy contracting 2.3 percent in 2016 before rebounding to
grow 3 percent next year, driven largely by public works
The drop in industrial output in November was driven by a
27.7 percent decline in the textile industry and an 11.3 percent
drop in steel output, but the automotive industry grew 1.5
percent compared with the prior year, the first year-on-year
increase so far this year.
(Reporting by Luc Cohen; Editing by Chris Reese and Lisa