Uruguay: Industrial production deteriorates in August
October 13, 2015
Industrial production worsened in August and recorded the largest contraction in over a year, falling 1.2% in annual terms. August’s result contrasted July’s 7.3% expansion. The decrease largely reflected falling output in the manufacture of rubber and plastic, non-metallic minerals and basic metals.
Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output dropped 3.1% in August, which marked the worst result in 16 months and contrasted the 7.0% rise tallied in July. The trend continues to point downward: annual average variation in industrial output inched down from 6.8% in July to 6.7% in August.