Uruguay Industry


Industrial production accelerates at the beginning of 2013

In January, industrial production surged 26.1% over the same month last year, which was well above the 9.7% increase recorded in December. The improvement was mainly driven by a rise in the production of petroleum products. That said, the reading benefited by a favourable base effect, as the La Teja refinery - the country's only oil refinery and a key contributor to overall production - had only just resumed activity in January last year after having been shut down for maintenance for various months.

Excluding the La Teja refinery's contribution, industrial output expanded 8.0% in January, which contrasted the 5.8% drop recorded in the previous month and represents the highest reading seen in eight months.

As a result of the strong increase, annual average industrial production reached 9.0% in January, which came in well above the 5.8% rise recorded in December.

LatinFocus Concensus Forecast panellists expect industrial production to increase 3.3% this year, which is down 0.2 percentage points from last month's forecast. For 2014, the panel sees industrial output at 3.7%.


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Uruguay Industry Chart

Uruguay Industry January 2013

Note: Year-on-year changes and annual average variation of industrial production in %.
Source: National Statistical Institute (INE).

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