Uruguay Industry

Uruguay

Uruguay: Industrial production accelerates notably in March

May 12, 2015

In March, industrial production rose a noteworthy 14.2% over the same month of last year, more than doubling the 5.6% increase recorded in the previous month and marking an almost year-and-a-half high. The acceleration was mainly due to large gains in the production of oil and coal as well as of food and beverages.

Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output expanded 9.4% in March, which was above the 6.7% rise tallied in February. As a result of March’s improvement, the annual average variation in industrial output increased from 2.4% in February to 4.0% in March, marking the highest reading in 15 months.

LatinFocus Consensus Forecast panelists expect industrial production to increase 4.5% in 2015, which is unchanged from last month’s forecast. For 2016, the panel sees industrial output growth picking up the pace to 3.4%.


Author: Teresa Kersting, Economist

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Uruguay Industry Chart


Uruguay Industry March 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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