Industrial Production: Slower Growth in 2007

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Argentina's industrial production increased by 8.4% y-o-y in November (down from 9.2% y-o-y in 2005), which marked a noticeable recovery following the slight deceleration since the second half of 2006. On an accumulative basis, industrial output rose by 7.7% during the first eleven months of 2006 and was on par with 2005's figure during the same time period. November's expansion was mainly driven by the automobile and construction material sectors, which registered increases of 31.3% y-o-y and 14.3% y-o-y, respectively. The strong performance of the automobile industry was a result of ongoing foreign demand for Argentine cars, fuelling exports despite