Uruguay: Industrial production expands slightly in August
October 14, 2013
In August, industrial production expanded 0.5% over the same month last year, which was a slight improvement over the 0.1% decrease recorded in July. The increase marked the highest reading in four months. The result was mainly driven by an increase in paper manufacturing and paper products.
Excluding the contribution of the La Teja refinery - the country's only oil refinery and a key contributor to overall production - industrial output expanded 1.0% in August, which marked an improvement over the 0.6% decrease tallied in July. Meanwhile, annual average growth in industrial production dropped from 8.0% in July to 7.6% in August.
LatinFocus Consensus Forecast panelists expect industrial production to increase 4.2% this year, which is up 0.1 percentage points from last month's forecast. For 2014, the panel sees industrial output at 5.6%, which is up 0.7 percentage points from last month's estimate.