Uruguay Industry

Uruguay

Uruguay: Contraction in industrial output continues in May

July 11, 2014

In May, industrial production contracted 5.0% over the same month last year, which was up from the 7.0% drop recorded in April. The contraction was mainly driven by a strong decrease in production of oil derivate products and of food and beverages.

Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output contracted 2.0% annually in May, which was up from the 7.2% contraction recorded in April. The trend continued to point downward: annual average growth in industrial production dropped from minus 0.7% in April to minus 1.0% in May, which marked the lowest level since August 2012.

LatinFocus Consensus Forecast panelists expect industrial production to increase 3.6% this year, which is down 0.4 percentage points from last month’s forecast. For 2015, the panel sees industrial output growth at 4.6%.


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Uruguay Industry May 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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