Uruguay Industry

Uruguay

Uruguay: Industrial production accelerates in February

April 20, 2015

In February, industrial production rose 5.6% over the same month of last year, nearly doubling the 2.9% increase recorded in the previous month. The acceleration was due to a large increase in production in the rubber and paper industries. Conversely, production in the automobile sector decreased 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 6.7% in February, which was below the 7.4% rise tallied in January. As a result of February’s improvement, the annual average variation in industrial output increased from 1.7% in January to 2.4% in February, marking the highest reading in 14 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 February 2015

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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