Uruguay Industry

Uruguay

Uruguay: Industrial production accelerates in December

February 11, 2015

In December 2014, industrial production rose 11.1% over the same month of the previous year, which was well above the 3.8% expansion recorded in November. The acceleration was mainly due to a notable increase in the paper industry, whose output skyrocketed compared to the previous month.

Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output expanded 12.0% in December, which was also well above the 3.6% rise tallied in November. As a result of December’s strong rise, the annual average variation in industrial output increased from 0.3% in November to 1.1% in December, marking the highest reading in 10 months.

LatinFocus Consensus Forecast panelists expect industrial production to increase 1.8% in 2015, which is unchanged from last month’s forecast. For 2016, the panel sees industrial output growth picking up the pace to 4.2%.


Author:, Economist

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Uruguay Industry Chart


Uruguay Industry December 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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