The activity of small and medium-sized industrial companies (SMEs) fell by 20.4% annually in June 2024 and in the first half of the year it accumulates a retraction of 19.2% compared to the same period of 2023.

The data comes from the last Industrial Production Index for SMEs (IPIP) prepared by the Argentine Confederation of Medium-Sized Companies (CAME).

Even though this month costs and prices remained more stable, it was not enough to awaken a demand that reflects the fall in the purchasing power of families in the government of Javier Milei.

“This change reflects the complex situation that the sector is going through. Although this month remained with more stable costs and prices, it was not enough to awaken a demand that reflects the fall in the purchasing power of families,” CAME said in a statement.

It is estimated that some 4,456 small and medium-sized companies have gone bankrupt since Milei took office on December 10, which represents an estimated 50 a day.

mh