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.