Overview
- ONUDI data published in early October show Argentina's desesonalized manufacturing index at 88.8 in July 2026, an 11.2% drop from the 2023 average that ranks fourth-worst among 84 countries.
- Argentina's national statistics office reported a 5% desesonalized monthly fall in manufacturing for July 2026 and a 5% year-on-year decline, with use of installed capacity near 58.2%.
- Most industrial branches contracted sharply with furniture, machinery, chemicals and basic metals among the worst performers while only oil refining recorded modest growth.
- Industry groups and consultancies point to weak domestic demand, stronger import competition, higher delinquency and falling investment as drivers, and former minister Matías Kulfas publicized the ONUDI comparison on X.
- Analysts warn the combination of low capacity utilization and rising financial stress makes a near-term recovery unlikely and raises risks for jobs, regional suppliers and future industrial investment.