Uruguay Industry July 2017

Uruguay

Uruguay: Industrial production continues to plunge in July as La Teja remains closed for maintenance

September 12, 2017

In July, industrial production plunged 18.3% from the same month of the previous year, a marked deterioration on the already sharp 11.7% contraction recorded in June. July’s figure was again heavily influenced by the ongoing closure of the La Teja refinery for maintenance and therefore reflected a virtual halt in the oil and carbon products sub-sector.

Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output decreased 2.0% annually, which represented a downturn from June’s 6.3% increase. The trend accordingly worsened, with annual average industrial output decreasing 5.8% in July, down from the 4.6% decline observed in June.

Panelists surveyed for this month’s LatinFocus report expect industrial production to increase 2.3% in 2017, which is unchanged from last month’s forecast. For 2018, the panel sees industrial output growth picking up to 2.3%.


Author: Massimo Bassetti , Economist

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Uruguay Industry July 2017

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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