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LatinNews Daily - 16 March 2021

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In brief: Subdued results in Uruguay’s manufacturing sector

* Uruguay’s national statistics institute (INE) has released the latest figures for its index of physical volume (IVF) for the manufacturing industry, a measure of production levels in the manufacturing industry. According to the INE, the overall manufacturing IVF in January saw a -0.3% variation compared with January 2020; without accounting for oil refinery activities, the January IVF shrank 0.9% year-on-year. In the 12 months to January, production in the manufacturing industry fell 4.8% when including activity in refineries, and 4.7% without. In its analysis of the INE’s latest data, the Centro de Investigaciones Económicas (Cinve), a private research centre, notes that industries classified as ‘small trade’ (such as the production of drinks or bakery products) performed the worst, falling 14.3% year-on-year “perhaps reflecting links with tourism consumption or the surge in the [coronavirus] pandemic”.