Uruguay: Contraction in industrial production eases in October
December 11, 2015
Industrial production deteriorated further in October, falling 0.9% in annual terms, although the figure was an improvement over the 5.8% contraction observed in September and was the highest reading in three months. The moderate decrease reflected different components of the index offsetting each other, with machine manufacturing, excluding electrical machinery, observing the largest decrease.
Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output fell 0.5%, which contrasted the 0.1% increased tallied in September. The trend continues to point downward: annual average variation in industrial output fell from 5.2% in September to 4.6% in October.
Author: Robert Hill, Economist