Uruguay Industry November 2020

Uruguay

Uruguay: Industrial activity declines in November

January 11, 2021

Industrial output nosedived 10.7% year-on-year in November (October: +4.8% yoy). November's outturn marked the sharpest contraction since May. Industrial output excluding refinery output contracted 1.4% on an annual basis in November (October: +5.1% yoy). The reading reflected a broad-based downturn across the major sectors, with the manufacture of food and beverages, coal and petroleum products and chemical products all contracting in November. Lastly, rubber and plastic products output, as well as tanning and dressing of leather products production gained momentum.

Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 4.9%, down from October's minus 4.1%.

FocusEconomics panelists project industrial production to grow 5.3% in 2021, which is down 0.2 percentage points from last month’s forecast. For 2022, the panel sees industrial output growth at 3.8%.


Author:, Economist

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Uruguay Industry November 20 20 0

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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