Uruguay: Industrial production contracts for the first time in over a year
May 13, 2013
In March, industrial production fell 2.1% over the same month last year, which contrasted the strong 6.2% increase recorded in February. That said, the reading is affected by seasonal effects, as in March this year there was one less working week due to the Easter holidays. March's reading was mainly driven by a drop in the production of chemical products, textiles and clothing as well as in binding and printing activities.
Excluding the La Teja refinery's contribution, industrial output contracted 4.2% in March, which also contrasts the 1.6% expansion recorded in the previous month.
As a result of the monthly decrease, the trend is now pointing downwards, with annual average growth in industrial production falling from 9.6% in February to 9.2% in March.
LatinFocus Concensus Forecast panellists expect industrial production to increase 3.3% this year, which is down 0.2 percentage points from last month's forecast. For 2014, the panel sees industrial output at 3.7%.