Uruguay Industry May 2016

Uruguay

Uruguay: Contraction in industrial production eases notably in May

July 12, 2016

Following a steep drop in April, industrial production contracted considerably less in May. Industrial production in May fell just 0.1% in annual terms, while it had declined a notable 7.4% in April. May’s small decrease mainly reflected that lower output of food, beverages and automotive vehicles more than offset higher output of oil and oil-related, coal and paper products.

Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output fell 1.7%, was marked a less severe decline than April’s over-seven-year record drop of 10.5%. The trend continued to point downward: the annual average variation in industrial output dropped from 0.5% in April to a flat reading in May.

Panelists surveyed for this month’s LatinFocus report expect industrial production to increase 1.7% in 2016, which is unchanged from last month’s forecast. For 2017, the panel sees industrial output growth at 2.7%.


Author: Teresa Kersting, Economist

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Uruguay Industry May 2016 1

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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