Car Production Plummets in Argentina, Thousands of Jobs Lost

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EspañolArgentina’s Association of Automobile Manufacturers (ADEFA) released a report on Wednesday showing that car manufacturing in the country fell by 36 percent in May 2014 compared with the same period last year.

So far this year, Argentina’s auto-making industry has experienced a decline of 22.2 percent in production. ADEFA attributes the sharp drop to a decrease in exports and reduced local demand caused, in turn, by the country’s economic slowdown.

This situation has already forced car producers to suspend thousands of workers.

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Since 2013, Argentina has suffered from high inflation, a currency crisis, and a lack of investment due to exchange controls, with a declining economy as a result.

Source: Reuters.

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