Uruguay Industry March 2020

Uruguay

Uruguay: Industrial output defies Covid-19 and expands at quickest pace since October 2018 in March

May 13, 2020

Industrial production soared 4.7% year-on-year in March (February: +1.0% yoy). The result marked the strongest rise since October 2018.

Industrial production excluding refinery output increased 2.1% year-on-year in March, contrasting February’s 1.3% decline. Looking at a breakdown of the sub-components, a sharp increase in the production of petroleum- and carbon-based products led the overall expansion.

Meanwhile, the trend improved significantly, with the annual average variation of industrial production coming in at minus 0.7% in March, up from February's minus 1.5%.

FocusEconomics panelists are still taking the latest developments into account.


Author: Massimo Bassetti, Economist

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Uruguay Industry March 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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