Uruguay: Industrial production contracts in February

Industrial production fell 2.5% over the same month of the previous year in February, contrasting a 1.3% year-on-year rise in January. Meanwhile, industrial output, excluding refinery output, declined 2.1% in February, following a 1.0% drop in January.

Looking at a breakdown of the sub-components, a sharp contraction in substance processing and chemical products led the decline, followed by manufacture of derived products of oil and coal.

Meanwhile, annual average variation in industrial output moderated to 11.5% in February, down from 11.8% in January.

Uruguay Industrial Production Forecast

FocusEconomics panelists expect industrial production to increase 5.1% in 2019, which is unchanged from last month’s forecast. For 2020, the panel sees industrial output growth at 5.3%.