Uruguay Industry June 2021

Uruguay

Uruguay: Industrial manufacturing output growth slows in June, but remains upbeat nonetheless

August 11, 2021

Industrial manufacturing output grew 19.8% in year-on-year terms in June, which was down from May's 22.9% increase. Looking at the details of the release, the slowdown in June was mainly due to weaker manufacturing growth in food, plastics and petroleum products relative to the previous month, which was only partially offset by surging growth in the manufacturing of chemical products. Meanwhile, industrial manufacturing output excluding refinery output dipped to 20.6% on an annual basis in June (May: +23.8% yoy).

Lastly, the trend improved sizably, with the annual average variation of industrial production coming 3.0%, which was up from May's 1.2%.

FocusEconomics panelists project industrial manufacturing production to grow 5.4% in 2021, which is down 0.2 percentage points from last month’s forecast. For 2022, the panel sees output growth at 3.5%.


Author:, Economist

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Uruguay Industry June 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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