Uruguay: Industrial production slumps again in March
May 13, 2019
Industrial production fell 5.5% over the same month of the previous year in March, following a milder 2.5% year-on-year drop in February and marking the worst reading so far this year. Meanwhile, industrial production, excluding refinery output, declined 2.4% on an annual basis in March compared to the 2.1% dip in February.
Looking at a breakdown of the sub-components, a marked contraction in the production of basic metals and derived products of oil and coal led the overall contraction.
Meanwhile, annual average variation in industrial output fell from 11.5% in February to 9.1% in March, marking the lowest reading since September 2018.
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%.
Author: Almanas Stanapedis, Research Team Manager