Uruguay: Industrial production slumps in May
Industrial production fell 2.5% over the same month of the previous year in May, contrasting a mild 0.4% year-on-year increase in April which had marked a short-lived return to output growth. Meanwhile, industrial production, excluding refinery output, fell 0.6% on an annual basis in May, compared to a healthy 3.9% expansion in April.
Looking at a breakdown of the sub-components, notable contractions in the production of automotive vehicles, medical equipment and basic metals led the overall slump, more than offsetting solid increase in the production of paper and paper products as well as metal products, machinery and equipment.
Meanwhile, annual average variation in industrial production fell to a 10-monty low of 5.3% in June, from 7.4% in the previous month.