Overview

• Seasonally adjusted industrial output fell 0.2% from August, ending the sector’s brief August respite.
• The industry group estimates output is roughly 3.5–3.6% below December 2024 levels so far this year.
• Low capacity use and softer power demand reinforce the downturn, with INDEC reporting 59.4% utilization in August and a 1.1% September drop in large-user electricity consumption.
• Financing conditions remain severe, with company advance rates averaging about 137% annually and peaking near 190% last week, alongside reported household delinquencies of 6.7% on credit cards and 8.2% on personal loans.
• Performance is uneven, with auto production up 11.9% month over month and industrial machinery patenting up 9.2% on export support to Brazil, while a 68.4% January–August surge in final-goods imports is reported to be displacing local output.