Uruguay Industry January 2017

Uruguay

Uruguay: Growth in industrial production decelerates in January

March 14, 2017

In January, industrial production grew 1.8% from the same month of the previous year, which followed the 5.6% expansion recorded in December. January’s figure reflected expansions in the output of food and beverages and in chemical products. Conversely, the production of paper and paper products declined in January compared to the prior month.

Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output increased 2.9% annually, which was slightly down from December’s 6.1% growth. The trend nevertheless points upward, with annual average variation in industrial output inching up from 0.3% in December to 0.4% in January, the highest figure in nine months.

Panelists surveyed for this month’s LatinFocus report expect industrial production to increase 1.2% in 2017, which is down 0.6 percentage points from last month’s forecast. For 2018, the panel sees industrial output growth picking up to 3.5%.


Author: Massimo Bassetti, Economist

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Uruguay Industry January 2017

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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