Uruguay Industry December 2016

Uruguay

Uruguay: Industrial production continues to grow in December

February 13, 2017

In December, industrial production grew 5.6% from the same month of the previous year, which followed the 2.6% expansion recorded in November. December’s figure reflected expansions in the output of food and beverages and in chemical products. Conversely, the production of motor vehicles contracted.

Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output increased 6.1% annually, which was slightly down from November’s 6.3% growth. The trend points upward, with annual average variation in industrial output swinging from minus 0.3% in November to plus 0.3% in December, the highest result in seven months.

Panelists surveyed for this month’s LatinFocus report expect industrial production to increase 1.2% in 2017, which is down 0.6 percentage points from last month’s forecast. For 2018, the panel sees industrial output growth picking up to 3.5%.


Author: Massimo Bassetti, Economist

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Uruguay Industry December 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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