Argentina November industrial output up 13.9% on year

Argentina November industrial output up 13.9% on year. Argentina's industrial production surged in November, pushed by heavy output from car makers and steel producers, the manufacturers chamber UIA reported Monday. According to the UIA, manufacturing in November was up 13.9% on the year in seasonally adjusted terms. During the first 11 months of 2010, industrial production rose 12.3%, while the month-on-month gain in November was 4.7%. The UIA figures are even higher than those reported by the government. According to the national statistics institute, Indec, November's industrial production was up 12.5% on the year and expanded 9.7% during the first 11 months of the year. Industrial production fell sharply in 2009 as demand slumped due to the international financial crisis, but has roared back so far this year on surging demand both at home and from top trade partner, Brazil. According to the UIA, November vehicle output was up 36% on the year, setting a new record. Steel production was up 22%, while food and drink output rose 13.7%. Argentina's economy is booming amid the rapidly rising industrial production, strong domestic demand for goods and services and solid international demand for Argentine commodities. According to the government, gross domestic product likely expanded by 9% in 2010. The central bank is forecasting a 3.5% to 6.5% expansion in GDP this year. Economists expect Argentina's industrial production to continue to show solid output gains in the following months due to the strong regional growth.