MercoPress. South Atlantic News Agency

Uruguayan industry tepid recovery

The second 2003 semester was positive for almost all sectors of the Uruguayan industry, suffering from a deep recession going back to 1998, according to the latest release from the Uruguayan Chamber of Industry.

Figures for the January-November period indicate a 2,9% expansion but when the final annual data is available, "expansion will be 3%", said a release from the Chamber of Industry.

Last November Uruguayan industry expanded 16,5% compared to the same month in 2002 and December was even more dynamic. For this year the Chamber of Industry expects a 12% sustained growth.

The industries that performed better were those linked to exports, particularly textiles and chemicals.

During the second half of 2003, after four long years of recession the Uruguayan economy began to show signs of recovery. Unemployment that had reached over 20% in the peak of the downfall has gradually dropped and now stands at 16%.