Uruguay: Industrial activity contracts at sharpest rate since November 2020 in October
Industrial output slid 4.2% in year-on-year terms in October, which contrasted September’s 2.7% increase. The figure marked the worst reading since November 2020. The notable weakening was chiefly driven by a deterioration in production growth for paper, chemicals, oil refining and metal. That said, output in the food and automobile sectors rose.
Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 6.8% in October, down from September’s 7.9%.
Panelists participating in this months LatinFocus Consensus Forecast project industrial production to grow 3.4% in 2023, which is up 0.5 percentage points from last months estimate, and 3.0% in 2024.