Uruguay Industry March 2016

Uruguay

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.

Panelists surveyed for this month’s LatinFocus report expect industrial production to increase 1.5% in 2016, which is unchanged from last month’s forecast. For 2017, the panel sees industrial output growth at 2.7%.


Author: Teresa Kersting, Economist

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Uruguay Industry March 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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