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%.