Uruguay Industry August 2020

Uruguay

Uruguay: Industrial output drops again in August

October 13, 2020

Industrial production plunged 9.9% year-on-year in August, a sharper decline than July’s 5.3% fall.

Industrial production excluding refinery output fell 7.9% on an annual basis in August, following July’s 5.3% contraction. Looking at the breakdown of the subcomponents, a steep fall in the production of leather and related products was largely behind the downturn.

Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 4.7%, down from July's minus 3.5% reading.

FocusEconomics panelists project industrial production to grow 3.9% in 2021, which is down 0.1 percentage points from last month’s forecast. For 2022, the panel sees industrial output growth at 2.8%.


Author:, Economist

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Uruguay Industry Chart


Uruguay Industry August 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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