Uruguay Industry May 2021

Uruguay

Uruguay: Industrial output growth slows in May

July 12, 2021

Industrial output grew 22.9% in year-on-year terms in May, which followed April's 24.5% increase. Looking at the details of the release, the manufacture of pharmaceutical products; rubber and plastic products; and, chemical substances and products expanded at a slower rate compared to the previous month. Meanwhile, industrial output excluding refinery output shot up 23.8% on an annual basis in May (April: +25.3% yoy).

Meanwhile, the trend improved sizably, with the annual average variation of industrial production coming in at plus 1.2%, contrasting April's minus 2.4%.

FocusEconomics panelists project industrial production to grow 5.6% in 2021, which is up 1.1 percentage points from last month’s forecast. For 2022, the panel sees industrial output growth at 3.6%.


Author:, Economist

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Uruguay Industry May 2021

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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