Uruguay Industry June 2017


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

August 31, 2017

In June, industrial production plummeted 11.7% from the same month of the previous year, a slight improvement on the sharp 16.0% contraction recorded in May. June’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 expanded 6.3% annually, which represented the third consecutive month of growth and followed May’s 2.2% increase. The trend accordingly worsened, with annual average industrial output decreasing 4.6% in June, down from the 3.9% decline observed in May.

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 Chart

Uruguay Industry June 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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