LATAM Today: July 9, 2026

Research evidence excerpt

LATAM Today: July 9, 2026

Economics Research

9 July 2026 | 9:25AM EDT

RamosARGENTINA Alberto | +1(212)357-5768

alberto.ramos@gs.com

Manufacturing and Construction Activity Improved in May but Remain Subdued Goldman Sachs & Co. LLC

ArmellaBottom Line: In May, manufacturing activity increased by 0.4% sa from the previous Sergio | +1(212)357-9077

month, only partially offsetting the 1.8% mom sa decline in April. Construction sergio.armella@gs.com Goldman Sachs & Co. LLC

activity, in turn, rose by a notable 6.4% mom sa following a 3.6% mom sa decline in Santiago Tellez

April. From a year ago, activity in manufacturing fell by 5.7%, below expectations for +1(212)855-0367 |

santiago.tellez@gs.com

a milder 1.8% yoy decline, and construction activity increased by 4.1% yoy. Goldman Sachs & Co. LLC

Compared to the same month a year ago, May 2026 had one less working day and,

after adjusting for seasonality, manufacturing declined by 3.0% yoy sa and

construction rose by 7.1% yoy sa.

Manufacturing and construction activity improved in May, but high-frequency

indicators have been volatile in recent months. That said, manufacturing activity

appears to have stabilized after a soft trend observed for the most part of the past

year, and construction, while still subdued, has been trending mildly higher. Year to

date, manufacturing activity is down 3.1% compared to January-May 2025, and

construction activity has firmed by 2.5%.

DETAILS:

1. Industrial production increased by 0.4% mom sa in May, driven by a broad-based

month-on-month expansion of activity in seven of the nine industrial sectors. On

an annual basis, industrial production declined by 5.7% yoy (-3.0% yoy sa).

2. Activity in non-metallic and basic metals mining increased by a large 8.3% mom