Uruguay: Industrial production continues to plunge in May as La Teja remains closed for maintenance
July 31, 2017
In May, industrial production plummeted 16.0% from the same month of the previous year, virtually matching the sharp 16.1% contraction recorded in April, which marked the worst result since February 2010. May’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 2.2% annually, which represented the third consecutive month of growth and followed April’s 2.8% increase. The trend accordingly worsened, with annual average industrial output decreasing 3.9% in May, down from the 2.5% decline observed in April.