The production of the core of the Uruguayan manufacturing industry slowed down in September compared to August (+5.8%) and barely grew 0.4% year-on-year. These data leave out the big players in the manufacturing sector, such as Ancap, UPM, Montes del Plata and Pepsi, which, due to their size and particular production dynamics, distort the analysis.
“The moderation was attenuated by the production of vehicles (+123% and an incidence +2.1 percentage points)”, commented the CPA Ferrere economist Nicolás Chichevski, who also highlighted within the total increase in production (+2.7 %) stood out the production of beverage concentrates (Pepsi), which had a rise of 33% compared to the same month last year and an incidence of 3.3 points.
The production of refrigerators —the product of less cattle slaughter— contracted 18.4% in the interannual comparison, the chemical industry 17% and that of paper mills 4.4%.
the core of the #industry it grew 0.4% in year-on-year terms in September. The moderation was attenuated by the production of vehicles (incidence +2.1 pp).
Total growth (+2.7%) was influenced by “beverage concentrates”, which grew 33% (incidence of +3.3pp) pic.twitter.com/zBSsi2neMG
— Nicholas Cichevski (@ncichevski) November 11, 2022
According to data released by the INE this Friday, the Physical Volume Index of the Manufacturing Industry (includes the Ancap refinery and free zones) increased 2.7% in September compared to the same month last year, hours worked 0.1% and employed personnel 1.3%.
INE
In the average of the last 12 months, the index of hours worked in the industry grew 3.3%, as well as the index of employed personnel.
