Uruguay Industry September 2020

Uruguay

Uruguay: Decline in industrial activity softens in September

November 11, 2020

Industrial output decreased 1.9% in year-on-year terms in September, which was markedly softer than August's 9.9% decrease. Moreover, industrial output excluding refinery output fell 0.3% on an annual basis in September (August: -9.9% yoy).

Looking at the breakdown of the subcomponents, the manufacture of chemical products picked up pace in September. Meanwhile, output in the food and beverages and coal and petroleum products sub-sectors declined at a softer pace compared to the previous month.

Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 5.2%, down from August's minus 4.7% reading.

FocusEconomics panelists project industrial production to grow 4.4% in 2021, which is down 0.2 percentage points from last month’s forecast. For 2022, the panel sees industrial output growth at 4.1%.


Author:, Economist

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Uruguay Industry September 20 20

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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