Industry in Uruguay, May 2022

Industrial production increased 12.0% from the same month a year earlier in May, well above the 3.9% growth in April. The May report was the best result since November 2021. Judging by the details of the report, the data was associated with improved growth in food and beverage production.

Meanwhile, the average annual industrial production growth fell to 12.1% in May (in April: +12.9%), a six-month low.

Experts involved in the LatinFocus consensus forecast released this month predict that industrial production will grow by 4.5% in 2022, down 0.6 percentage points from last month’s estimate, and by 3.8% in 2023.