Uruguay: Industrial production accelerates at the beginning of 2013
March 14, 2013
In January, industrial production surged 26.1% over the same month last year, which was well above the 9.7% increase recorded in December. The improvement was mainly driven by a rise in the production of petroleum products. That said, the reading benefited by a favourable base effect, as the La Teja refinery - the country's only oil refinery and a key contributor to overall production - had only just resumed activity in January last year after having been shut down for maintenance for various months.
Excluding the La Teja refinery's contribution, industrial output expanded 8.0% in January, which contrasted the 5.8% drop recorded in the previous month and represents the highest reading seen in eight months.
As a result of the strong increase, annual average industrial production reached 9.0% in January, which came in well above the 5.8% rise recorded in December.
LatinFocus Concensus Forecast panellists expect industrial production to increase 3.3% this year, which is down 0.2 percentage points from last month's forecast. For 2014, the panel sees industrial output at 3.7%.