In November, the manufacturing industrial production index (IPI) showed a decrease of 8.7% compared to the same month of 2024. Compared to October, the manufacturing IPI fell by 0.6%. However, the months that did close with an increase (from January to June) seem to have had more influence when measuring the accumulated year-on-year figure: it rose 2% compared to the same period of 2024. With this new drop, it marks the fifth consecutive month of decline: July (-0.8%), August (-4.3%), September (-0.5%), October (-2.8%), and November (-8.7%).
One by one, the industry numbers are: • Oil refining, coke, and nuclear fuel: 6.3%. • Wood, paper, publishing and printing: -0.3%. • Other transport equipment: -0.5%. • Non-metallic mineral products: -2.4%. • Basic metal industries: -3.1%. • Chemicals and chemical products: -3.4%. • Tobacco products: -5.6%. • Food and beverages: -7.8%. • Furniture and mattresses, and other manufacturing industries: -9.4%. • Rubber and plastic products: -12.5%. • Other equipment, appliances, and instruments: -14%. • Clothing, leather, and footwear: -17.6%. • Machinery and equipment: -17.9%. • Metal products: -18.6%. • Motor vehicles, bodies, trailers, and parts: -23%. • Textile products: -36.7%.
Construction falls again for the second time this year Construction fell for the second month in a row. Both the industrial and construction sectors closed November with very poor results. Regarding the first, it fell by almost 9% year-on-year, reflecting the consolidated downward trend; for the second indicator, it is the second time it has closed in negative territory, after falling 4.7% against November 2024. Both industrial production and construction cooled off in the penultimate month of 2025. Both indicators showed unfavorable results for the end of the year.
According to what Argentine News Agency (NA) could learn based on the reports disseminated by the National Institute of Statistics and Censuses (INDEC), the industrial sector registered its fifth consecutive month of decline, while construction obtained its second month of the year with a discouraging result.
Industry does not rebound Industry fell 8.7% year-on-year.
Regarding the synthetic indicator of construction activity (ISAC), it again registered a poor performance, as had already happened in January (-1.4%). In particular, it fell 4.7% year-on-year and 4.1% monthly. In the January-November period, it showed an increase of 6.6%, explained by the good performance it maintained during the rest of the months. Compared to the same month of 2024, five of the thirteen construction inputs rose in November: ceramic sanitary ware, ready-mixed concrete, asphalt, round iron, and construction steels and the rest. While Portland cement, granite and limestone tiles, construction paints, slaked lime, gypsum boards, floors and ceramic coverings, gypsum, and hollow bricks fell in the year-on-year measurement.
Unfavorable expectations for the December-February period The results of the qualitative survey of construction—carried out with large companies in the sector—reflect unfavorable expectations regarding the level of activity expected for the period December 2025-February 2026.
Private works: 68.5% foresee that the level of activity of the sector will not change in the next three months, while 18.5% estimate that it will decrease and 13%, that it will increase. Public works: 54.1% believe that the level of activity will not change during the December 2025-February 2026 period, while 24% believe it will decrease and 21.9%, that it will increase.
One by one, the numbers of the inputs Ceramic sanitary ware: 33.2%. Ready-mixed concrete: 19.7%. Asphalt: 17.6%. Round iron: 5.9%. Construction steels and the rest: 1.6%. Portland cement: -4.7%. Granite and limestone tiles: -5.7%. Construction paints: -7.4%. Slaked lime: -8.6%. Gypsum boards: -9%. Floors and ceramic coverings: -15%. Gypsum: -17.8%. Hollow bricks: -19.3%.
