Uruguay: Industrial production drops sharply in March
May 12, 2014
In March, industrial production contracted 6.8% over the same month last year, which was below the 3.1% drop recorded in February. March's decline marked the sharpest decrease since January 2012. The contraction was mainly driven by a drop in production of oil-related products and coal, foods and beverages and in production of paper.
Excluding the contribution of the La Teja refinery-the country's only oil refinery and a key contributor to overall production-industrial output contracted 3.0% annually in March, which was down from the 1.8% contraction recorded in February. The trend continued to point downward: annual average growth in industrial production dropped from 1.2% in February to 0.8% in March, which marked 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%.