Uruguay: Contraction in industrial production gathers speed in November
January 11, 2016
Industrial production deteriorated further in November, falling 1.2% in annual terms, which marked a deterioration from the 0.9% decline registered in October. The decrease reflected declines in a number of components of the index, the most notable being for paper and paper products. The strongest gains were made however in the optical and precision equipment production component.
Excluding the contribution of the La Teja refinery—the country’s only oil refinery and a key contributor to overall production—industrial output fell 2.9%, which was a deterioration from the 0.5% increase tallied in October. The trend continues to point downward: annual average variation in industrial output fell from 4.6% in October to 4.1% in November.
Author: Robert Hill, Economist