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.
Author: Cecilia Simkievich, Economist