Ir para menu Ir para conteúdo principal Ir para rodapé
The sequential rebound in manufacturing and construction in April was in line with our expectations. Our GDP growth forecast for 2025 stands at 5.2%.

2025/06/09 | Andrés Pérez M., Diego Ciongo & Soledad Castagna



Manufacturing rose in April. The IPI manufacturing index increased by 2.2% mom/sa in April, after falling by 3.9% mom/sa in March. However, industry output fell by 2.9% qoq/sa in the quarter ending in April, following a 2.5% contraction in 1Q25. On an annual basis, manufacturing rose by 8.5% in April, and by 6.4% in the quarter ended in that month. All sectors grew in April on an annual basis. According to the INDEC survey, 30.4% of companies expect an annual increase in internal demand over the next three months, 27.7% expect a decline and 41.9% foresee no changes.

 

Construction also increased in April. The construction index rose by 5.1% mom/sa in April, after falling 3.6% mom/sa in the previous month. Additionally, construction rose by 1.8% qoq/sa in the quarter ended in April (2.6% qoq/sa in 1Q25). Construction activity increased by 25.9% yoy in April and by 14.9% yoy in the quarter ended in that month. Employment in the sector increased by 1.5% relative to March 2024 (figures have a one-month lag). According to a qualitative survey, 67.6% of those involved in private construction expect no changes in activity levels over the next three months. Meanwhile, 14.8% expect an increase and 17.6% anticipate a decline. Among companies primarily engaged in public works, 20.6% anticipate a decrease in activity levels during the next three months, while 59.8% expect no change and 19.6% expect an increase.

 

 

Our take: The sequential rebound in manufacturing and construction in April was in line with our expectations. Our GDP growth forecast for 2025 stands at 5.2%.