Uruguay Industry December 2020

Uruguay

Uruguay: Industrial output bounces back in December

February 11, 2021

Industrial output increased 1.4% year-on-year in December (November: -10.7% yoy). Industrial output excluding refinery output expanded 1.6% on an annual basis in December (November: -1.4% yoy). Looking at the details of the release, December's rebound was broad-based. Coal and petroleum products and chemical products output swung back to expansion, while food and beverages production contracted at a softer rate.

Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 5.0%, down from November's minus 4.9% reading.

FocusEconomics panelists project industrial production to grow 5.9% in 2021, which is up 0.6 percentage points from last month’s forecast. For 2022, the panel sees industrial output growth at 3.6%.


Author:, Economist

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Uruguay Industry December 20 20

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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