Uruguay: Industrial production growth falls to two-year low in January
March 14, 2014
In January, industrial production contracted 4.3% over the same month last year, which contrasted the 1.7% increase recorded in December. The result marked the sharpest contraction since January 2012. The contraction was mainly driven by the drop registered in production of foods and beverages, paper production, and in basic metallurgic industries. Excluding the contribution of the La Teja refinery-the country's only oil refinery and a key contributor to overall production-industrial output contracted 6.0% annually in January, which sharply contrasted 1.8% expansion tallied in December. Meanwhile, annual average growth in industrial production dropped from 4.1% in December to 1.9% in January. LatinFocus Consensus Forecast panelists expect industrial production to increase 5.6% this year, which is up 0.9 percentage points from last month's forecast. For 2015, the panel sees industrial output growth at 5.5%.