Uruguay Industry November 2015

Uruguay

Uruguay: Contraction in industrial production gathers speed in November

January 11, 2016

Industrial production deteriorated further in November, falling 1.2% in annual terms, which marked a deterioration from the 0.9% decline registered in October. The decrease reflected declines in a number of components of the index, the most notable being for paper and paper products. The strongest gains were made however in the 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 2.9%, which was a deterioration from the 0.5% increase tallied in October. The trend continues to point downward: annual average variation in industrial output fell from 4.6% in October to 4.1% in November.

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 November 2015 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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