Uruguay Industry June 2020

Uruguay

Uruguay: Decline in industrial output softens in June

August 11, 2020

Industrial output dropped 0.8% year-on-year in June, a softer fall than May’s 19.6% contraction.

Industrial production excluding refinery output decreased 3.4% year-on-year in June, following May’s pronounced 21.9% fall. Looking at the breakdown of the subcomponents, a marked fall in the production of leather and related products led the overall slump.

Meanwhile, the trend improved, with the annual average variation of industrial production coming in at minus 3.0% in June, up from May's minus 3.8% reading.

FocusEconomics panelists project industrial production to fall 4.7% in 2020, which is down 1.0 percentage points from last month’s forecast. For 2021, the panel sees industrial output growth at 3.6%.


Author:, Economist

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Uruguay Industry June 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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