Uruguay: Industrial production slows again in May
July 14, 2015
In May, industrial production rose 5.7% over the same month last year, which was less than the 8.8% increase recorded in April. The increase reflected that rises in the production of paper as well as of oil and coal products more than offset a contraction in the production of metal products, machinery and equipment.
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 mild 0.6% in May, which represented the lowest increase in nine months and came in well below the 8.3% rise tallied in April. However, the trend continues to point upwards: annual average variation in industrial output rose from 5.4% in April to 6.3% in May, which marked the highest reading since August 2013.