Uruguay: Industrial output swings to contraction in December

Industrial production contracted 8.8% on an annual basis in December, compared to a modest 1.7% increase recorded in November. The result marked the first contraction in industrial output in nearly a year and the worst reading since October 2017. The reading largely reflected a marked drop in the production of processed food and beverages, chemical products and basic metals.

Excluding refinery output, industrial production contracted 9.6% annually in December (November: +1.7% year-on-year). In month-on-month terms, industrial output fell 6.3%, following a 3.3% drop in the previous month.

Uruguay Industrial Production Forecast

Panelists surveyed for this month’s LatinFocus Consensus Forecast expect industrial output to increase 4.2% in 2019, which is unchanged from last month’s forecast. For 2020, the panel sees industrial output growth slowing to 4.4%.