UIA: Industrial output drops 3% in April

The industrial output dropped 3 percent in April year-on-year, while it grew 1 percent during the first quarter of 2012, according to the Argentine Industrial Union (UIA).

The industrial union reported on Friday that "the car industry presented a 24.4 percent drop due to a strong contraction in the exports (mainly to Brazil)."

Another sector that registered negative figures was the non-metalic minerals, linked to construction, that plummeted 11.3 percent.

The report also stated that without the negative effect of these sectors, the industry would have grown 1.9 percent in April.