Uruguay: Contraction in industrial production sharpens notably in June
August 11, 2016
Following a mild drop in May, industrial production contracted sharply in June. It fell 3.4% in annual terms, while it had declined just 0.1% in May. June’s considerable decrease mainly reflected that a lower output of food, beverages and paper products more than offset a higher output of oil, oil-related products and coal 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 7.1%, which marked a more severe decline than May’s 1.7% drop. The annual trend continued to point downward, with annual average variation in industrial output dropping from a flat reading in May to a 0.7% fall in June, which represented a two-year low.