Uruguay Industry

Uruguay

Uruguay: Industrial output rebounds in June

August 12, 2014

In June, industrial production expanded 2.4% over the same month last year, which contrasted the 5.0% drop recorded in May. June’s expansion, which is the first following five consecutive contractions, was mainly driven by the increase in production of paper and paper products.

Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output expanded 1.9% annually in June, which also contrasted the 2.0% contraction recorded in May. As a result of the positive reading, the trend improved and reached minus 0.6%, which was up from the minus 1.0% seen in May.

LatinFocus Consensus Forecast panelists expect industrial production to increase 3.6% this year, which is down 0.4 percentage points from last month’s forecast. For 2015, the panel sees industrial output growth at 4.6%.


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Uruguay Industry June 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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