Uruguay Industry January 2020

Uruguay

Uruguay: Industrial production falls back at year outset

March 13, 2020

Industrial production contracted 3.0% in annual terms in January, contrasting December’s 3.8% rebound. Industrial output excluding refinery output dropped 1.8% year-on-year in January, swinging from December’s 2.6% increase. Looking at a breakdown of the sub-components, a sharp fall in the production of petroleum- and carbon-based products led the overall contraction.

Meanwhile, annual average variation in industrial production deteriorated from minus 1.5% in December to minus 1.7% in the first month of this year.

FocusEconomics panelists expect industrial production to fall 1.6% in 2020, which is up 0.3 percentage points from last month’s forecast. For 2021, the panel sees industrial output growth at 2.8%.


Author: Massimo Bassetti, Economist

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Uruguay Industry January 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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