Uruguay Industry


Industrial production contracts at fastest pace in over two years

In April, industrial production contracted 7.0% over the same month last year, which was down from the 6.8% drop recorded in March. April’s decline—the fourth in a row—marked the sharpest decrease since January 2012. The contraction was mainly driven by a drop in production of foods and beverages and in production of chemistry products.

Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output contracted 7.2% annually in April, which was down from the 3.0% contraction recorded in March. The trend continued to point downward: annual average growth in industrial production dropped from plus 0.8% in March to minus 0.7% in April, which marked the lowest level since September 2012.

LatinFocus Consensus Forecast panelists expect industrial production to increase 5.6% this year, which is up 0.9 percentage points from last month’s forecast. For 2015, the panel sees industrial output growth at 5.5%.


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Uruguay Industry Chart

Uruguay Inflation April 2014

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

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