Uruguay Industry

Uruguay

Uruguay: Industrial production continues to post strong growth in April despite annual deceleration

June 15, 2015

In April, industrial production rose 8.8% over the same month last year, which was less than the 14.2% increase recorded in March. The increase was due to rises in the production of oil and coal as well as of food and beverages.

Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output expanded 8.3% in April, which was down from the 9.4% rise tallied in March. Nevertheless, the annual average variation in industrial output increased from 4.0% in March to 5.4% in April, marking the highest reading since October 2013.

LatinFocus Consensus Forecast panelists expect industrial production to increase 4.5% in 2015, which is unchanged from last month’s forecast. For 2016, the panel sees industrial output growth picking up the pace to 3.4%.


Author: Teresa Kersting, Economist

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Uruguay Industry April 2015

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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