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.