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.
Author: Cecilia Simkievich, Economist