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.
Author: Robert Hill, Economist