Uruguay Industry

Uruguay

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.

LatinFocus Consensus Forecast panelists expect industrial production to increase 4.3% in 2015, which is down 0.2 percentage points from last month’s forecast. For 2016, the panel sees industrial output growth picking up the pace to 3.2%.


Author: Teresa Kersting, Economist

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Uruguay Industry Chart


Uruguay Industry May 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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