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%.