10/7/2022 1:55 PM
Despite
high input prices and worsening leading indicators, August data from the real
economy was surprisingly positive. Although car production stagnated,
manufacturing did very well, with growth in sectors that had shown poor results
in previous months. The construction sector also managed to break the streak of
month-on-month declines. Although the external trade deficit was slightly
deeper year-on-year, it was mainly due to higher gas and oil prices, while the
trade surplus in motor vehicles was higher year-on-year. Moreover, the
year-on-year growth rate of exports outpaced that of imports for the first time
in a long time.
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