Uruguay Industry April 2016


Industrial production contracts notably in April

Industrial production deteriorated in April, recording a 7.4% annual contraction, which marked the steepest drop since January 2012. The print contrasted March’s tepid 0.1% increase and marked the first contraction after three months with growing output. April’s deterioration was mainly driven by a stark fall in the production of paper products, food and beverages. Meanwhile, the production of oil and oil-related products made a moderate positive contribution to April’s reading.

Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output fell 10.5%, marking the lowest reading since April 2009 and contrasting the 1.5% rise tallied in March. The trend continued to point downward: annual average variation in industrial output dropped from 1.8% in March to 0.5% in April.

Panelists surveyed for this month’s LatinFocus report expect industrial production to increase 1.8% in 2016, which is down 0.1 percentage points from last month’s forecast. For 2017, the panel sees industrial output growth at 2.7%.

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Uruguay Industry Chart

Uruguay Industry April 2016

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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