Buenos Aires, July 16 (EFE) – The Argentine Industrial Union (UIA), the largest business organization in the country, has raised alarms about the continued decline in industrial activity and the loss of jobs in the sector.
During a meeting of the board of directors, industry leaders expressed their concerns regarding the downturn in activity. They emphasized the need for a new law supporting small and medium-sized enterprises (SMEs). Additionally, they urged the government to implement effective measures to mitigate unfair competition and involve them in the regulation of the new incentive regime for significant investments (RIGI).
The UIA reported that representatives from various sectors and regions voiced their worries about the decline in industrial operations. They highlighted the rising costs and the challenging economic environment affecting production, especially the increasing energy costs impacting SMEs.
Recent official data indicated that Argentina’s industrial activity declined by 0.2% in May compared to April. Furthermore, there was a substantial year-on-year drop of 14.8%, resulting in a total decline of 15.2% over the first five months of the year.
According to the UIA, preliminary activity figures for June suggest that both year-on-year and monthly declines are likely to continue, indicating a downward trend for the second quarter in the industrial sector.
"Data from June illustrates that the year-on-year decline persists, and we might observe another decrease on a monthly basis. It’s essential to note that the month’s figures were partially impacted by fewer working days due to holidays. Still, even when adjusting for this effect, significant drops were evident," the organization warned.
For more detailed insights and updates on Argentina’s industrial sector, visit UIA.
All content is sourced from Agencia EFE.
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