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Wednesday, March 29, 2023

Industrial production falls at the beginning of the year

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During last January, an interannual fall of almost 1% was registered, if the oil refinery is excluded.

Photo: Freepik

In January industrial production in Uruguay fell almost 1% compared to the record for the same month last year, excluding the oil refinery. This is reflected in the data of the Statistics National Institute (INE) released today.

Although there was a registered Significant improvement in the production of pharmaceuticals (+41%) and also a breakthrough in the beverage industry (+11%), practically all the rest of the sectors had year-on-year falls, standing out the interannual fall in the activity of the refrigeration industry (-32%) and production of drink concentrates (Pepsi in Cologne Free Zone) (-8%).

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The data for January are a first indication of the direction of the industry, which must be confirmed in the following months. In any case, when taking the moving year, industrial production shows a slowdown in its growth in recent monthsmarking an advance of 3% in the rolling year to January, compared to the previous year.

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After a cycle of sharp increase in post-pandemic industrial production, the sector has practically remained stable since the middle of last year.

At the same time, industrial employment registered by the INE had a year-on-year drop of 1%, in line with own production. The increase in wages measured in dollars makes it difficult for industries to create new jobs, to the extent that the majority either compete abroad (exports) or compete with imported goods in the domestic market.

Source: Ambito

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