Uruguay Industry

Uruguay

Uruguay: Industrial output accelerates to nine-month high in July

September 11, 2014

In July, industrial production expanded 5.7% over the same month last year, which was up from the 2.4% increase recorded in June. July’s expansion represented the largest increase since October 2013.

Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output expanded 7.1% annually in July, which was significantly larger than the 1.9% contraction recorded in June. As a result of the positive reading, the trend improved and the annual average growth rate reached minus 0.2%, which was up from the minus 0.6% seen in June.

LatinFocus Consensus Forecast panelists expect industrial production to increase 3.6% this year, which is unchanged from last month’s forecast. For 2015, the panel sees industrial output growth at 4.6%.


Author: Angela Bouzanis, Senior Economist

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Uruguay Industry July 2014

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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