Uruguay Industry September 2016

Uruguay

Uruguay: Industrial production accelerates in September

November 11, 2016

In September, industrial production grew 5.8% from the same month last year, which represented an acceleration from the 2.0% expansion recorded in August and marked the best result since July 2015. The data represented the second increase after four consecutive months of contraction in Uruguay’s industrial output. September’s growth reflected increases in the output of oil and carbon products, wood and wood products, and chemical products. Conversely, the production of automotive vehicles dropped.

Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output expanded 0.1% annually, which was a sharp deceleration from August’s 6.2% growth. The trend pointed upward, with annual average variation in industrial output increasing from minus 1.5% in August to minus 0.6% in September.

Panelists surveyed for this month’s LatinFocus report expect industrial production to increase 1.2% in 2016, which is down 0.6 percentage points from last month’s forecast. For 2017, the panel sees industrial output growth at 3.5%, which is unchanged from last month’s forecast.


Author: Massimo Bassetti, Economist

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Uruguay Industry September 2016

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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