Uruguay Industry May 2018

Uruguay

Uruguay: Industrial production growth hits fresh five-year high in May

July 12, 2018

Industrial production growth continued to accelerate in May, coming in at 23.1% year-on-year, up from April’s 22.7%. This marked the strongest reading since January 2013 and was supported by the booming automotive industry. As in April, the reading partly reflected a base effect due to a double-digit contraction in industrial production in May 2017. Meanwhile, the annual average change in industrial output, including the contribution of La Teja refinery, continued to improve, from minus 5.3% in April to minus 2.2% in May.

Industrial production excluding the contribution of the La Teja refinery, the country’s only oil refinery and a key contributor to overall industrial production, rose 0.7% year-on-year in May. This marked the first expansion in six months, pointing to a moderate recovery in the non-oil sector.

Panelists surveyed for this month’s LatinFocus report expect industrial production to increase 6.9% in 2018, which is down 0.7 percentage points from last month’s forecast. For 2019, the panel sees industrial output growth moderating to 3.4%.


Author:, Economist

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Uruguay Industry May 2018

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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