Uruguay Industry March 2017

Uruguay

Uruguay: Industrial production continues to plunge in March as La Teja is still closed for maintenance

May 12, 2017

In March, industrial production en Uruguay plummeted 11.6% from the same month of the previous year, following the 11.7% contraction recorded in February, which had marked the worst result since January 2012. March’s figure was heavily influenced by the ongoing closure of the La Teja refinery for maintenance and therefore mainly 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 3.4% annually, which contrasted February’s 2.0% contraction. The trend nonetheless worsened, with annual average variation in industrial output decreasing 1.9% in March, down from the 0.9% decline observed in February.

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 March 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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