If compared year-on-year, the Uruguayan economy grew 1.2%, with progress in almost all sectors.
He Uruguay’s GDP increased 0.9% in the first quarter in the seasonally adjusted calculation, when compared with the end of 2022, as reported today by the Central Bank. Thus, compared to the same quarter of 2022, the economy increased 1.2%, with advances in almost all sectors.
The largest contribution to year-on-year growth was made by the Information and Telecommunications (which includes logistics) that increased 5.6% year-on-year, contributing half a point to total growth, in the context of a severe drought, which had an impact especially on agriculture.
He was followed by commercial section (which also includes restaurants and hotels) with an increase in 3.4% in its production compared to the same period in 2022. This reflects the better performance of the tourist season last summer, as well as a recovery of items that were still affected at the end of the pandemic.
The improvement was felt in several sectors, including consumption and investment
The sector of financial services (5.1%) and construction, with an interannual rise of 3.3%. This sector is showing a sustained dynamic, even though the tasks associated with the project of PSU 2. Contrary, agriculture fell 4.3% due to the impact of drought on agriculture and livestock.
From the demand approach, the national accounts of the Central Bank showed improvements, both in the exports (+14%) as in the household consumption (+2.6%) and in the investment (+2.6%), while State spending fell 2.6% and imports grew 12.1%.
Arbeleche had forecast a drop of almost 3 percentage points
A little over a month ago, the Minister of Economy and Finance, lily arbelechehad anticipated that the growth of the GDP was going to be from 2% this year, almost 3 percentage points less than last year, as a result of the effects of the drought.
At that time, Arbeleche expressed himself like this during a conference of the Association of Marketing Managers (ADM), where he showed the contrast between the data for 2022 and 2021, which were of 5.3% and 4.9%, with that projected for 2023. The drop in growth after the post-pandemic rebound effect was added to the drought and the water crisis, with Millionaires loses for the country.
Source: Ambito
