Uruguay Industry


Industrial production drops sharply in March

In March, industrial production contracted 6.8% over the same month last year, which was below the 3.1% drop recorded in February. March's decline marked the sharpest decrease since January 2012. The contraction was mainly driven by a drop in production of oil-related products and coal, foods and beverages and in production of paper.

Excluding the contribution of the La Teja refinery-the country's only oil refinery and a key contributor to overall production-industrial output contracted 3.0% annually in March, which was down from the 1.8% contraction recorded in February. The trend continued to point downward: annual average growth in industrial production dropped from 1.2% in February to 0.8% in March, 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 Industry March 2014

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

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