Uruguay Industry February 2016

Uruguay

Uruguay: Industrial production grows solidly in February

April 11, 2016

Industrial production picked up in February, growing a solid 4.6% in annual terms, which was an improvement over the modest 0.5% increase registered in January. Moreover, February’s reading marked a second month with rising output, following five months of contractions. The result reflected increases in a number of components of the index, the most notable being oil and coal products, followed by food and beverages.

Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output grew 2.2%, marking a turnaround over the 4.8% drop tallied in January. The trend continues to point downward: annual average variation in industrial output inched down from 3.0% in January to 2.9% in February.

Panelists surveyed for this month’s LatinFocus report expect industrial production to increase 2.4% in 2016, which is unchanged from last month’s forecast. For 2017, the panel sees industrial output growth at 3.3%.


Author: Teresa Kersting, Economist

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Uruguay Industry February 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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