FX.co ★ Uruguay Manufacturing Growth Slows in May

Uruguay's manufacturing sector experienced a 3.1% increase in output in May 2025, compared to the same period the previous year. This represented a deceleration from the 7.2% growth observed in April and was the smallest uptick recorded since August 2024. The petroleum refining industry was the primary driver of this growth, surging by 71.0% as ANCAP resumed operations following extended maintenance. The motor vehicles, trailers, and semi-trailers sector also contributed significantly with a 50.5% rise, and paper and paper products saw an increase of 9.1%. Conversely, the food products sector experienced a 2.0% decline, pharmaceuticals fell by 10.6%, and the leather and related products industry dropped sharply by 34.6%. Additionally, the Hours Worked Index (IHT) saw a 1.8% decrease compared to the previous year, and the Employed Personnel Index (IPO) fell by 1.1%.