Uruguay Industry August 2016

Uruguay

Uruguay: Industrial production rebounds in August

October 13, 2016

In August, industrial production grew 2.0% from the same month last year, which contrasted the 5.4% drop recorded in July and marked the best result in six months. The data represented the first increase after four consecutive months of contraction in Uruguay’s industrial output. August’s growth reflected increases in the output of chemical products as well as food and beverages. Conversely, the output of oil and carbon products dropped.

Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output expanded a 13-month high of 6.2% annually, which strongly contrasted July’s 5.8% drop. The trend pointed upward, with annual average variation in industrial output increasing from minus 1.8% in July to minus 1.5% in August.

Panelists surveyed for this month’s LatinFocus report expect industrial production to increase 1.2% in 2016, which is down 0.6 percentage points from last month’s forecast. For 2017, the panel sees industrial output growth at 3.5%, which is unchanged from last month’s forecast.


Author: Massimo Bassetti, Economist

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