Manufacturing production in Uruguay declined 5.5 percent year-on-year in March 2019, following a 2.5 percent fall in the previous month. Main negative contributions came basic metals (-29.8 percent), vehicles (-27.2 percent), oil & coal products (-19.9 percent), and paper (-4.8 percent). In contrast, the biggest positive contribution came from machinery (8.5 percent), and food & beverages (2.3 percent). Excluding oil refinery, namely La Teja refinery, the country's only oil producer, manufacturing activity went down 2.4 percent. Industrial Production in Uruguay averaged 4.98 percent from 2003 until 2019, reaching an all time high of 57.25 percent in October of 2003 and a record low of -31.14 percent in January of 2003.
Industrial Production in Uruguay is expected to be 24.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Industrial Production in Uruguay to stand at 20.00 in 12 months time. In the long-term, the Uruguay Manufacturing Production is projected to trend around 23.00 percent in 2020, according to our econometric models.