Uruguay Industry November 2019

Uruguay

Uruguay: Contraction in industrial production eases in November

January 13, 2020

Industrial production dropped 1.8% in annual terms in November, a softer contraction than October’s 7.9% plunge.

Industrial output excluding refinery output fell 4.7% year-on-year in November, up from October’s 5.6% slump. Looking at a breakdown of the sub-components, marked decreases in the production of food and drinks, tanneries and paper and paper products led the overall contraction.

Meanwhile, annual average variation in industrial production fell from 2.2% in October to minus 2.5% in November, marking the first contraction since April 2018.

FocusEconomics panelists expect industrial production to fall 1.6% in 2020, which is up 0.3 percentage points from last month’s forecast. For 2021, the panel sees industrial output growth at 2.8%.


Author: Massimo Bassetti, Economist

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Uruguay Industry November 2019

Note: Year-on-year changes and annual average variation of industrial production in %.
Source: National Statistical Institute (INE) and FocusEconomics calculations.


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