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.
Author: Cecilia Simkievich, Economist