Uruguay Industry June 2022

Uruguay

Uruguay: Industrial output records slowest expansion since February 2021 in June

August 12, 2022

Industrial output increased 3.6% year on year in June (May: +12.0% yoy). June's figure marked the worst reading since February 2021. The notable downturn was primarily driven by contractions in paper and chemical products output. That said, automotive production rose markedly.

Meanwhile, annual average industrial production growth fell to 10.7% in June (May: +12.1%). This signals a worsening trend in the industrial sector.

Panelists participating in this month’s LatinFocus Consensus Forecast project industrial production to grow 4.2% in 2022, which is down 0.3 percentage points from last month’s estimate, and 3.7% in 2023.


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Uruguay Industry June 2022

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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