Uruguay Industry June 2016


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.

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: Massimo Bassetti, Economist

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Uruguay Industry Chart

Uruguay Industry June 2016 0

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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