Overview
- Official INDEC data show manufacturing fell 8.7% year over year and 0.6% month over month in November, with 15 of 16 industrial divisions in decline.
- Construction activity dropped 4.7% year over year and 4.1% month over month, even as the sector still posted a 6.6% increase for January–November.
- Textiles (-36.7%), autos (-23.0%), machinery and equipment (-17.9%), and food and beverages (-7.8%) led the falls, which firms link to softer local demand and greater import competition.
- Employment pressures are evident, with registered private manufacturing jobs down 1.8% in the first nine months of 2025, and business surveys pointing to weak near‑term expectations.
- Countering the slump, the Rosario grain exchange and the mining chamber estimate nearly US$6 billion in 2025 mining exports, INDEC reports a 1.8% year‑over‑year rise in November mining output, and hydrocarbons drew about US$15 billion in investment with a US$5–6 billion energy trade surplus.