Uruguay Industry December 2015

Uruguay

Uruguay: Contraction in industrial production eases in December

February 16, 2016

Industrial production contracted again in December, falling 0.2% in annual terms. However the figure was an improvement over the 1.2% decrease registered in November. The decrease reflected declines in a number of components of the index, the most notable being for machinery excluding electrical products. The strongest gains were made in the medical, optical and precision equipment production component.

Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output fell 3.0%, which was a deterioration from the 2.9% increase tallied in November. The trend continues to point downward: annual average variation in industrial output fell from 4.1% in November to 3.1% in December.

Panelists surveyed for this month’s LatinFocus report expect industrial production to increase 2.9% in 2016, which is down 0.3 percentage points from last month’s forecast. For 2017, the panel sees industrial output growth at 3.6%.


Author:, Economist

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Uruguay Industry December 2015

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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