Uruguay: Industrial production contracts at fastest pace in over two years
June 12, 2014
In April, industrial production contracted 7.0% over the same month last year, which was down from the 6.8% drop recorded in March. April’s decline—the fourth in a row—marked the sharpest decrease since January 2012. The contraction was mainly driven by a drop in production of foods and beverages and in production of chemistry products.
Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output contracted 7.2% annually in April, which was down from the 3.0% contraction recorded in March. The trend continued to point downward: annual average growth in industrial production dropped from plus 0.8% in March to minus 0.7% in April, which marked the lowest level since September 2012.