Uruguay: Industrial production contracts in May
July 12, 2013
In May, industrial production contracted 1.6% over the same month last year, which contrasted the 12.1% increase recorded in April. The deterioration was mainly driven by a plunge in the production of basic metals as well as of plastic products.
Excluding the contribution of the La Teja refinery - the country's only oil refinery and a key contributor to overall production - industrial output also contracted 1.6% in May, which contrasts the 14.1% increase recorded in the previous month.
As a result of the monthly increase, the trend is now pointing downwards, with annual average growth in industrial production falling from 10.2% in April to 9.2% in May.
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%.