You heard it on No Te Duermas
Darío Banga. In the usual economic and financial column on the radio program, Darío Banga analyzed the situation of salaries and industrial production statistics.
Tomás Modini
@ModiniTomas
At the beginning of the column on No Te Duermas, Darío Banga said: “I think that Milei is holding on to some numbers that obviously, as always in the economy, there are glasses half full and glasses half empty. I think that if the president manages to restore salaries, he will have good economic management. There are still many activities missing, but for example at the dollar level he has it calm, the country’s dollar too. The fiscal balance is working, we can discuss whether it is good or bad, but it is working.”
“I think that there are many things that are wrong and that the president needs to restore, for example certain activities that are heavily occupying the economy and that makes them cover up others,” he added.
He also pointed out that “for example, yesterday the indicators of what construction and production in Argentina are were released” and that “in that sense, if construction is analyzed, in September 2024 compared to the previous year there was a drop of almost 29.5 percent in the industry.”
The low statistics
In line with the above, he detailed: “Sanitary products have a drop of 47.4 percent, asphalt 27.6, lime 4.7, cement 18.4, round iron and steel for construction 36.5, ready-mixed concrete 34, hollow brick 25.1, mosaic 44. You have a drop in sales of all construction activities. So if you put to someone in construction the fact that the country is moving forward, they will say that it is not so.”
“Then, industrial production compared to the previous year is also down. For example, in furniture and other manufacturing industries there is a year-on-year drop of 25.6 percent, automobiles and transportation equipment 15 percent, equipment and instrumentation 26.7 percent, metal products, machinery and equipment 21.2 percent, non-metallic minerals and basic metals 23.4 percent, oil refining, chemicals and rubber and plastic products 8.2 percent, wood, publishing and printing paper 15.3 percent, textiles and footwear 12.7 percent, and food and beverages 3.6 percent,” he added.
He also said that “all the industry being analyzed, with respect to the previous year, is in decline and in the negative” and that “so what the president does in these matters is to suggest that it is in decline with the previous year but not with the previous month.”
“And in that case there are some industries that grew like food 6 percent. This is when you hit rock bottom and then you go up a little bit, but you are still at the bottom. There is still time to reach the top, so we have to look at the question of full or empty glasses,” he explained.
“The economy is not a photo”
At the end of the first part of the column, Banga remarked: “We have to see if next year he compares the monthly or interannual periods as well, that has to be seen because the economy is not a photo, but a movie.”
“He is convinced that the path is the right one and then the Monday newspapers will talk about it, beyond the fact that in the meantime there are still unemployed, retirees do not recover their purchasing power, and people have to live in that meantime,” he added.
To complete, he mentioned that “private salaries are increasing with respect to inflation, the public sector is obviously not affected and neither is the informal sector” and that “in that sense, Milei is going to propose analyzing the last four months to see that private salaries beat inflation.”
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