Uruguay Industry October 2017

Uruguay

Uruguay: Industrial production contracts again in October

December 13, 2017

In October, industrial production contracted 13.8% from the same month last year. Although the contraction moderated from the previous month’s 19.5% decrease, it marked the ninth consecutive monthly year-on-year reduction in industrial production output. Reports have emerged that an attempt has been made to resolve the labor disputes that have kept the La Teja refinery from reopening after maintenance works were completed. This should bode well for industrial production going forward.

Moreover, industrial output minus the contribution of the La Teja refinery, the country’s only oil refinery and a chief contributor to overall production, expanded 2.0% in October in annual terms. The increase markedly contrasted the prior month’s 5.7% annual contraction. Nonetheless, the overall trend continued to worsen: Annual average industrial output including the contribution of La Teja refinery decreased 10.1% in October, down from the 9.1% decline recorded in September.

Panelists surveyed for this month’s LatinFocus report expect industrial production to increase 4.9% in 2018, which is up 0.1 percentage points from last month’s forecast. For 2019, the panel sees industrial output growth moderating to 3.6%.


Author:, Economist

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Uruguay Industry October 2017 0

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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