Uruguay Industry

Uruguay

Uruguay: Industrial production eases in January after December's peak

March 16, 2015

In January, industrial production rose 2.9% over the same month of last year, which was well below the 11.1% expansion tallied in the previous month. The deceleration was due to a large decrease in the oil sector, and, to a lesser extent, in the food industry. Conversely, the production in the rubber and paper industries increased somewhat compared to the previous month.

Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output expanded 7.4% in January, which was below the 12.0% rise tallied in December. Despite January’s slowdown, the annual average variation in industrial output increased from 1.1% in December to 1.7% in January, marking the highest reading in 12 months.

LatinFocus Consensus Forecast panelists expect industrial production to increase 1.8% in 2015, which is unchanged from last month’s forecast. For 2016, the panel sees industrial output growth picking up the pace to 4.2%.


Author:, Economist

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Uruguay Industry January 2015 0

Note: Year-on-year changes and annual average variation of industrial production in %.
Source: National Statistical Institute (INE) and FocusEconomics calculations.


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