Uruguay: Industrial production barely grows in March
May 12, 2016
Industrial production weakened in March, growing a tepid 0.1% in annual terms, which was a deterioration over the solid 4.6% increase registered in February. Nevertheless, March’s reading marked a third month with rising output, following five months of contractions. March’s weak growth reflected that a strong pickup in the production of paper and paper products was largely offset by a contraction in the production of oil and coal products.
Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output grew 1.5%, which was somewhat down from the 2.2% rise tallied in February. The trend continues to point downward: annual average variation in industrial output dropped from 2.9% in February to 1.8% in March.