Uruguay Industry

Uruguay

Uruguay: Industrial production accelerates slightly in June

August 11, 2015

In June, industrial production rose 5.9% over the same month last year, which came in slightly above the 5.7% increase recorded in May. The increase largely reflected rising output of paper and paper products.

Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output expanded 9.3% in June, which represented the largest increase in three months and came in well above the modest 0.6% rise tallied in May. As a result, the trend continues to point upwards: annual average variation in industrial output rose from 6.3% in May to 6.6% in June, which marked the highest reading since August 2013.

LatinFocus Consensus Forecast panelists expect industrial production to increase 4.3% in 2015, which is down 0.2 percentage points from last month’s forecast. For 2016, the panel sees industrial output growth at 3.2%.


Author: Teresa Kersting, Economist

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Uruguay Industry June 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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