Uruguay: Industrial output bounces back in December
Industrial output increased 1.1% year on year in December (November: -5.9% yoy). The notable rebound came on the back of an improvement in food and paper output. That said, production of chemical products swung into contraction.
Meanwhile, annual average industrial production growth fell to 3.6% in December (November: +4.5%). This signals a worsening trend in the industrial sector.
Panelists participating in this month’s LatinFocus Consensus Forecast project industrial production to grow 1.3% in 2023, which is up 0.8 percentage points from last month’s estimate, and 2.7% in 2024.