Uruguay Industry January 2021

Uruguay

Uruguay: Industrial activity contracts in January

March 15, 2021

Industrial production fell 0.3% year-on-year in January (December: +1.4% yoy). Industrial output excluding refinery output declined 0.9% on an annual basis in January (December: +1.4% yoy). The figure largely reflected a drop in food and beverages production. In addition, chemical products output contracted.

Meanwhile, the trend improved modestly, with the annual average variation of industrial production coming in at minus 4.8% in January, up from December's minus 5.0%.

FocusEconomics panelists project industrial production to grow 4.1% in 2021, which is down 0.5 percentage points from last month’s forecast. For 2022, the panel sees industrial output growth at 3.0%.


Author:, Economist

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Uruguay Industry January 2021

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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