Uruguay: Industrial production contracts in February
April 11, 2014
In February, industrial production contracted 3.1% over the same month last year, which was above the 4.3% drop recorded in January. The contraction was mainly driven by a drop in production of food and beverages, oil and coal, and in paper 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 1.8% annually in February, which was up from the 6.0% contraction recorded in January. Meanwhile, annual average growth in industrial production dropped from 1.9% in January to 1.2% in February, which is the lowest level since September 2012.
LatinFocus Consensus Forecast panelists expect industrial production to increase 5.6% this year, which is up 0.9 percentage points from last month's forecast. For 2015, the panel sees industrial output growth at 5.5%.