Macroeconomic Forecast Uruguay

Industrial production growth came in below our estimated 5.0% year-on-year (y-o-y) in 2009, notwithstanding the surge in the month-on-month reading in December. Measuring 2.6% y-o-y in December, industrial output in Uruguay came in below the 3.7% y-o-y rate registered in November. To us this signals a slight petering out of the bounce in industrial output towards the latter stages of 2009, having registered negative y-o-y output growth throughout most of the year. We are currently forecasting a modest 2.4% y-o-y industrial production growth rate for end-2010.

To read the full article, please choose one of the following options: