Uruguay Industry March 2021

Uruguay

Uruguay: Industrial activity rebounds in March

May 12, 2021

Industrial production rebounded on an annual basis in March, growing 3.7% (February: -0.2% year-on-year) and marking the best reading in a year. Looking at the details of the release, the upturn largely came on the back of an increase in the manufacture of motor vehicles, trailers and semi-trailers. For its part, industrial production excluding refinery output expanded 4.3%, picking up from February’s 0.6% increase.

Meanwhile, the trend deteriorated slightly, with annual average variation of industrial production coming in at minus 5.3% in March, down from February's minus 5.2%.

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 March 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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