Uruguay: Industrial production soars in October
December 13, 2013
In October, industrial production expanded 16.1% over the same month last year, which was a remarkable improvement over the 3.6% contraction recorded in September. October's increase marks the highest reading since January 2013. The print came on the back of an expansion in the food and non-alcoholic beverages and the paper and paper products industries, as well as in oil and carbon derived products.
Excluding the contribution of the La Teja refinery - the country's only oil refinery and a key contributor to overall production - industrial output expanded 15.7% in October (September: -7.3% year-on-year), which marked an over-five-year high. Meanwhile, annual average growth in industrial production remained at September's 6.0%, which reflected a stabilization in the trend.
LatinFocus Consensus Forecast panelists expect industrial production to increase 3.7% this year, which is down 0.5 percentage points from last month's forecast. For 2014, the panel sees industrial output at 5.3%, which is down 0.3 percentage points over the previous month's estimate.