Uruguay Industry July 2020

Uruguay

Uruguay: Industrial output drops again in July

September 11, 2020

Industrial output nosedived 5.3% year-on-year in July, a sharper fall compared to June’s 0.8% contraction.

Industrial production excluding refinery output also fell 5.3% on an annual basis in July, following June’s 3.4% decline. Looking at the breakdown of the subcomponents, a notable fall in the production of leather and related products drove the overall downturn.

Meanwhile, the trend pointed down, with annual average variation of industrial production coming in at minus 3.5% in July (June: -3.0%).

FocusEconomics panelists project industrial production to fall 4.7% in 2020, which is down 1.0 percentage points from last month’s forecast. For 2021, the panel sees industrial output growth at 3.6%.


Author:, Economist

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Uruguay Industry July 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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