Uruguay Industry May 2017

Uruguay

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.

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 May 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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