Uruguay Industry May 2020

Uruguay

Uruguay: Industrial output tumbles at sharp pace amid containment measures in May

July 14, 2020

Industrial production nosedived 19.6% year-on-year in May (April: -19.3% yoy). The result marked the weakest reading since February 2003.

Industrial production excluding refinery output tumbled 21.9% year-on-year in May, following April’s pronounced 22.2% dive. Looking at a breakdown of the sub-components, a sharp fall in the production of food products and beverage led the overall slump.

Meanwhile, the trend deteriorated significantly, with the annual average variation of industrial production coming in at minus 3.8% in May, down from April's minus 2.3%.

FocusEconomics panelists are still taking the latest developments into account.


Author: Massimo Bassetti, Senior Economist

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Uruguay Industry May 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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