Uruguay: Industrial output growth hits two-year high in October
December 14, 2020
Industrial output increased 4.8% compared to the same month a year earlier in October, which contrasted September's 1.9% decrease and marked the best result since October 2018. Industrial production excluding refinery output climbed 5.1% on an annual basis in October (September: -1.9% yoy).
October's improvement was partly driven by a notable rebound in food and beverages output. In addition, the manufacture coal and petroleum products also rebounded. Lastly, rubber and plastic products production gained steam compared to the previous month.
Meanwhile, the trend improved notably, with the annual average variation of industrial production coming in at minus 4.1% in October, up from September's minus 5.2%.
Author: Hanna Andersson, Economist