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.
Author: Almanas Stanapedis, Economist