Uruguay: Industrial production contracts slightly in July
September 11, 2013
In July, industrial production contracted 0.1% over the same month last year, which was nonetheless a slight improvement over the 1.2% decrease recorded in June. The decline did, however, represent the third consecutive contraction. The result was mainly driven by a drop in basic metals production.
Excluding the contribution of the La Teja refinery - the country's only oil refinery and a key contributor to overall production - industrial output contracted 0.6% in July, which marked a slight deterioration over the 0.5% decrease recorded in the previous month. As a result of the monthly decrease, the trend continues to point downwards, with annual average growth in industrial production falling from 8.7% in June to 8.0% in July.
LatinFocus Consensus Forecast panelists 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%.