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.