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Economic activity had a contraction of 0.9%

Economic activity had a contraction of 0.9%

The economic activity had a seasonally adjusted contraction of 0.9% during September compared to the month of August.

In turn, a small increase of 0.1% in trend-cycle was recorded in the monthly comparison, and a decline of 0.2% in the interannual rate compared to September 2022.

The Economist Aldo Lema He assured through his X account (formerly Twitter) that, based on the year-on-year rate data, the economy “remained practically stagnant” compared to last year.

Likewise, he noted that “during the third quarter the Uruguayan economy resumed growth,” according to the IMAE, “which grew seasonally adjusted 1% versus the second (quarter)”, although “it contracted slightly in interannual terms.”

Also an economist, Nicholas Cichevskysummarized through the same social network that the growth during the third quarter compared to the second is “in line with what was anticipated by the Monetary Policy Committee of the BCU”.

On the other hand, he indicated that the IMAE in trend-cycle “accumulates three months of growth at an average annualized rate of 1.6%.”

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Graphic: BCU

What is the IMAE?

The IMAE summarizes the activity of the different branches of the economy in a given month, measured at constant 2016 prices, and presents an interannual variation that provides a measure of the evolution of the economic activity of the country in the short term.

The calculation of the IMAE is based on multiple supply indicators that are weighted by the participation of economic activities within the Gross Domestic Product (GDP).

The BCU will publish the IMAE on the last business day of each month, with a lag of 60 days. The IMAE series estimated since January 2016 is presented both in original figures and seasonally adjusted and in cycle trend.

Source: Ambito

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