Uruguay: Industrial production grows at fastest pace in more than four years
November 11, 2012
In September, industrial production expanded 14.0% over the same month last year, which was almost three times the 5.6% increase recorded in July. In fact, the reading marks the strongest expansion since June 2008. The monthly rise was driven by an acceleration in the production of petroleum and carbon products. Excluding the La Teja refinery's contribution - the country's only oil refinery and a key contributor to overall production - industrial output expanded a mere 0.1%, which was down from the 2.9% rise recorded in the previous month and marks the lowest reading in five months. As result of faster growth in September, the trend improved, with the annual average variation in industrial production rising from minus 2.2% in August to minus 0.8% in September.
Author: Armando Ciccarelli, Head of Data Solutions