Uruguay: Industrial production growth moderates sharply in November
January 10, 2014
In November 2013, industrial production expanded 1.9% over the same month of the previous year, which marked a sharp deceleration over the 16.1% increase recorded in October. The deceleration was mainly driven by a contraction in production of food and beverages, which had expanded strongly in the month prior. Nevertheless, November's result was positive due to the expansions in automobiles production and in paper production, which more than offset the decline in basic metallic industries.
Excluding the contribution of the La Teja refinery - the country's only oil refinery and a key contributor to overall production - industrial output expanded 1.2% in November, which was down significantly from the 15.7% expansion tallied in October. Meanwhile, annual average growth in industrial production dropped from 6.0% in October to 4.7% in November.
LatinFocus Consensus Forecast panelists expect industrial production to increase 5.7% this year, which is up 0.4 percentage points from last month's forecast. For 2015, the panel sees industrial output at 4.4%.