Uruguay: Industrial production growth moderates further in December
February 12, 2014
In December, industrial production expanded 1.7% over the same month of the previous year, which marked a slight deceleration over the 1.9% increase recorded in November. December's result was mainly backed by expansion in the chemical and the automotive industries. Production of plastic and rubber registered the strongest decline.
Excluding the contribution of the La Teja refinery - the country's only oil refinery and a key contributor to overall production - industrial output expanded 1.8% annually in December, which was up from the 1.2% expansion tallied in November. Meanwhile, annual average growth in industrial production dropped from 4.7% in November to 4.1% in December.
LatinFocus Consensus Forecast panelists expect industrial production to increase 6.2% this year, which is up 1.1 percentage points from last month's forecast. For 2015, the panel sees industrial output growth at 6.1%.