Manufacturing production in Uruguay increased 1.7 percent year-on-year in November of 2018, well below a 19.5 percent surge in October. It is the lowest annual gain in factory activity since a 1.1 percent fall in January. Main positive contributions came from production of petroleum products and coal (+18.4 percent) and production of motor vehicles (40.4 percent) while the biggest downward contribution came from production of paper (-24.1 percent). Excluding oil refinery, namely La Teja refinery, the country's only oil producer, manufacturing activity declined 0.9 percent. Industrial Production in Uruguay averaged 5.16 percent from 2003 until 2018, 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 19.00 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.