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Uruguay Industrial production October 2023

Uruguay: Manufacturing activity grows at fastest pace in 14 months in October

Manufacturing production expanded 9.1% year on year in October, rebounding markedly from September’s 4.4% decrease. The figure marked the best reading since August 2022 and largely reflected a recovery in oil refinery as industrial output excluding refinery output was flat on an annual basis in October (September: -4.4% yoy). Looking at the details of the release, October’s manufacturing rebound was broad-based, with the food, paper and chemical substances and products sub-sectors all accelerating.

Meanwhile, the trend improved significantly, with the annual average variation of manufacturing production coming in at 0.6%, contrasting September’s minus 0.5%.

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