Uruguay: Industrial production rebounds in April
June 11, 2013
In April, industrial production rose 12.1% over the same month last year, which contrasted the 2.1% drop recorded in March. April's increase was mainly driven by a pick-up in the production of food and beverages as well as of chemical products. That said, the reading also benefited from a favourable base effect as Easter holidays were celebrated in April in 2012.
Excluding the contribution of the La Teja refinery - the country's only oil refinery and a key contributor to overall production - industrial output rose 14.1% in April, which also contrasts the 4.2% drop recorded in the previous month.
As a result of the monthly increase, the trend is now pointing upwards, with annual average growth in industrial production rising from 9.2% in March to 10.2% in April.
LatinFocus Consensus Forecast panellists expect industrial production to increase 3.3% this year, which is down 0.2 percentage points from last month's forecast. For 2014, the panel sees industrial output at 3.7%.
Author: Armando Ciccarelli, Head of Data Solutions