Uruguay: Industrial production observes largest contraction in 17 months
November 17, 2015
Industrial production deteriorated further in September and recorded the largest contraction since April last year, falling 5.8% in annual terms. September’s result followed August’s 1.2% contraction. The decrease reflected a broad decrease among the components of the index, with clothing production showing the largest decline.
Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output inched up 0.1%, which contrasted the 3.1% decrease tallied in August. The trend continues to point downward: annual average variation in industrial output fell from 6.7% in August to 5.2% in September.
Author: Robert Hill, Economist