MONTEVIDEO, July 12 (Xinhua) -- Uruguay's industrial production shrank 1.8 percent year on year during the first five months of the year as a result of the drop in oil refining, the National Institute of Statistics (INE) reported on Friday.
Excluding crude oil and the processing of its derivatives, the industrial Index of Physical Volume (IVF) contracted by 0.5 percent, the INE said in a statement.
The industrial section with the highest accumulated contraction was "products derived from oil and coal," with a drop of 8.0 percent while the section with the best performance was "food and beverages production," with a 2.1-percent growth.
The IVF fell 2.5 percent during May and maintained a 5.3-percent increase over the last 12 months.
Throughout 2018, the country's industrial production accumulated an 11.6-percent growth driven by the revival of oil refining after an almost nine-month pause due to maintenance work.
