Uruguay Industry November 2016

Uruguay

Uruguay: Industrial production grows in November

January 10, 2017

In November, industrial production grew 2.6% from the same month of the previous year, which contrasted the 3.0% contraction recorded in October. November’s figure reflected expansions in the output of paper products and food and beverages. Conversely, the production of oil and oil-based products contracted.

Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output grew 6.3% annually, which contrasted October’s 5.9% drop. The trend consequently pointed upward, with annual average variation in industrial output increasing from minus 0.6% in October to minus 0.3% in November.

Panelists surveyed for this month’s LatinFocus report expect industrial production to increase 1.2% in 2017, which is down 0.6 percentage points from last month’s forecast. For 2018, the panel sees industrial output growth at 3.5%.


Author: Massimo Bassetti, Economist

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Uruguay Industry November 2016

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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