Uruguay Industry October 2020

Uruguay

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%.

FocusEconomics panelists project industrial production to grow 4.4% in 2021, which is unchanged from last month’s forecast. For 2022, the panel sees industrial output growth at 3.8%.


Author:, Economist

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Uruguay Industry October 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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