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%.
Author: Hanna Andersson, Economist