FX.co ★ Uruguay Manufacturing Output at 4-month low

In February 2025, Uruguay experienced a 4.8% year-on-year increase in manufacturing production, marking the most significant deceleration since September 2024. This follows a 7.1% growth rate recorded in the prior month. The annual rise is chiefly attributed to a substantial 6388.4% surge in oil refining, a rebound driven by maintenance activities at ANCAP's refinery earlier in 2024. Additionally, notable increases were observed in metal production, which grew by 113%, and non-machinery and equipment metal products, which expanded by 21.6%. Conversely, sectors like pharmaceutical products, rubber and plastic products, and food products posed challenges, with declines of 8.6%, 7.7%, and 1.6% respectively. Furthermore, there was a 3.7% reduction in the index of hours worked (IHT) and a 2.6% decrease in the index of employed personnel (IPO).