Industry of Uruguay September 2022

Industrial production expanded 2.7% yoy in September (Aug: +9.3% yoy). The observed moderation in September was largely driven by contractions in paper, chemicals and oil refining production. However, the production of food and automobiles has increased significantly.

Meanwhile, the trend indicated a downward trend, with the average annual growth of industrial production reaching 7.9% in September, down from 8.7% in August.

Committee members involved in this month’s LatinFocus Consensus Forecast expect industrial production to grow 2.9% in 2023, which is a 0.2 percentage point drop from last month’s estimate, and 2.6% in 2024.

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