The Physical Volume Index of the Manufacturing Industry showed a positive variation of 1.1% in January compared to the same month in 2023.
The Industrial production It increased 1.1% in January compared to the same month in 2023 and rebounded after the decline in December, according to the latest Physical Volume Index of the Manufacturing Industry (Ivfim), prepared monthly by the INE.
The indicator highlighted the impact of the cellulose, product of the start-up of UPM 2, while the absence of Ancap, due to maintenance stoppage at the refinery The Tile.
Manufacturing of paper and paper products was the division with the greatest positive impact on the interannual variation, with an improvement of 49.5% and an impact of 5.8% on the total. They are followed by Preparation of food products, with a variation of 6.3% and incidence of 2.6% and Manufacturing of motor vehicles, trailers and semi-trailers), with an increase of 22.6% and incidence of 0.4%.
A key factor was due to “calendar effect”, since December had fewer business days. In fact, because it is a leap year, the measurement corresponding to February is expected to be positive, the economist analyzed. Aldo Lema.
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The incidence of the La Teja stop
The shutdown for maintenance of the refinery The Tile dragged down the indicator, which could have been much higher with that service, key to Ancap. It was a decrease of 98.2% year-on-year, which implies a negative impact of 7.5% on the total.
The plant is expected to resume operation in the coming weeks, in what will be great news for the Uruguayan economy and for the indicator in the coming months.
As for the negative impact, they appear behind Preparation of drinks, with a drop of 9.8% and an incidence of 0.7 percentage points.
Finally, the Index of Hours Worked by workers (IHT) showed an improvement of 4.5% in January, while the Employed Personnel Index (IPO) remained almost stable, with a rise of 0.3%.
Source: Ambito
