Uruguay Industry

Uruguay

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.

Panelists surveyed for this month’s LatinFocus report expect industrial production to increase 4.6% in 2015, which is down 0.1 percentage points from last month’s forecast. For 2016, the panel sees industrial output growth at 3.2%, which is unchanged from last month’s Consensus.


Author:, Economist

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Uruguay Industry September 2015

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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