Overview

• The INDEC reported a 2.2% month-on-month rise in May’s Industrial Production Index, its highest level since December 2024, and a 5.8% year-on-year gain.
• Construction activity’s synthetic indicator grew 8.6% year-on-year in May but registered a 2.2% seasonally adjusted drop from April.
• Three private consultoras forecast a 0.2%–0.5% decline in overall economic activity for May, highlighting the fragility of the rebound.
• Fundar director Daniel Schteingart attributed a nearly 9% shortfall versus May 2023 to surging imports and cautioned that over 430,000 industrial jobs could be at risk.
• Consultancy LCG warns that manufacturing faces a weak, erratic recovery in the second half of 2025 without stronger exchange-rate competitiveness and targeted industrial policies.