Uruguay: Industrial production slows down in February
April 11, 2013
In February, industrial production grew 6.2% over the same month last year, which was well below the extraordinary 26.1% increase recorded in January. That said, last month's reading benefited from a favourable base effect, as La Teja refinery had been shut down for maintenance at the beginning of the previous year. February's reading was mainly driven by a rise in the production of petroleum products, food and beverages goods as well as rubber and plastic products.
Excluding the La Teja refinery's contribution, industrial output slightly grew 1.6% in February, down from the 8.0% expansion recorded in the previous month.
As a result of the increase, the trend continues to point upwards, with annual average growth in industrial production reaching 9.6% in February, which came in above the 9.0% rise recorded in January.
LatinFocus Concensus 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%.