Uruguay Industry July 2016

Uruguay

Uruguay: Industrial production contracts for fourth consecutive month

September 12, 2016

In July, industrial production contracted 5.4% over the same month last year, which was sharper than the 3.4% decrease in June and represented the fourth consecutive contraction in Uruguay’s industrial output. July’s decrease reflected decline in output of food and beverages as well as car and car part manufacturing. Conversely, output of paper and paper products continued to increase.

Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output fell 5.8% annually, which marked a less severe decline than June’s 7.1% drop. The trend continued to point downward, with annual average variation in industrial output falling from minus 0.7% in June to minus 1.8% in July, the lowest level in nearly four years.

Panelists surveyed for this month’s LatinFocus report expect industrial production to increase 1.8% in 2016, which is up 0.1 percentage points from last month’s forecast. For 2017, the panel sees industrial output growth at 3.5%.


Author: Massimo Bassetti, Economist

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Uruguay Industry July 2016

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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