Overview

• INDEC reported a −21% confidence reading for manufacturing based on August responses covering expectations for September to November 2025.
• Half of firms said their August orderbooks were below normal at 50.9%, marking a fourth straight monthly increase in order shortfalls.
• Access to financing worsened, with 32.5% of companies reporting difficult credit and only about 5% citing easy access.
• Market accounts noted that interest rates on company advances roughly tripled between mid‑July and mid‑August, compounding reported financial pressures.
• Insufficient domestic demand remained the top constraint on output, while executives also cited growing financial problems, economic uncertainty and stronger import competition; only about 15% expect to lift production and a net decline in staffing is anticipated (16.5% down vs 4% up).