Uruguay: Industrial production grows at a three-year high in March
Industrial production growth picked up pace in March, accelerating from the previous month’s 9.2% year-on-year increase to a 12.3% surge. The result marked the strongest expansion in three years, and the second consecutive month of growth. As in the previous month, the print partly reflected a base effect due to a marked industrial production contraction in March 2017.
Nevertheless, industrial production excluding the contribution of the La Teja refinery, the country’s only oil refinery and a major contributor to the overall production, fell 7.8% in March, a deterioration from February’s 2.1% drop and the strongest contraction in nearly two years. Meanwhile, the annual average change in industrial output including the contribution of La Teja refinery continued to improve, moderating from minus 9.8% in February to minus 8.0% in March.