Uruguay: Industrial production drops for second consecutive month
August 12, 2013
In June, industrial production contracted 1.2% over the same month last year, which nonetheless marked a slight improvement over the 1.6% decrease recorded in May. The reading, however, represented a second consecutive contraction. The result was mainly driven by a drop in petroleum and coal production.
Excluding the contribution of the La Teja refinery - the country's only oil refinery and a key contributor to overall production - industrial output contracted 0.5% in June, which marked an improvement over the 1.6% decrease recorded in the previous month.
As a result of the monthly decrease, the trend continues to point downwards, with annual average growth in industrial production falling from 9.2% in May to 8.7% in June.
LatinFocus Consensus 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%.