During the first six months of 2023, Uruguay’s manufacturing sector experienced a growth of 0.7% compared to the same time frame in 2022, as reported by the National Institute of Statistics (INE).
This growth was primarily driven by the paper manufacturing industry and its by-products.
The “Paper and Paper Products Manufacturing” sector made the most significant positive impact, registering an 8.2% growth, contributing 0.9 percentage points to the overall increase.
Following closely was the “Food Products Manufacturing” sector, which saw a rise of 1.6%, accounting for an additional 0.7 percentage points, as detailed by the statistical office.
Conversely, two sectors faced notable declines during this period.
The “Automotive Manufacturing” and “Metal-derived Products Manufacturing” sectors experienced decreases of 25% and 22%, respectively.
The Industrial Volume Physical Index (IVFIM) showed a monthly increase of 0.4% in June.
Over the past year, it grew by 0.5%, with the paper manufacturing and food products sectors being the primary contributors.
For context 2022, the industrial production indicator rose by 3.6%, and in 2021, it surged by 12.3%.
Moreover, Uruguay’s Gross Domestic Product (GDP) grew by 4.9% in 2022, though it faced a noticeable downturn in the latter half of the year.