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Uruguay Industrial production November 2022

Uruguay: Industrial production contracts at a sharper pace in November

Industrial output slid 5.9% in year-on-year terms in November, which is down from Octobers 4.2% shrinkage. The figure marked the worst reading since November 2020. The downturn was driven by sharper contractions in production of food, pharmaceutical and metal. That said, production of chemical products rebounded.

Meanwhile, the trend pointed down, with the annual average growth of the industrial production coming in at 4.5% in November, down from Octobers 6.8%.

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.

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