Meanwhile, the Diffusion Index (ID)which shows the proportion of the ILC components that grew in the month, was 55% in February, so the ILC was supported by positive rates of more than half of the variables.
In its monthly report, Ceres projected that for this year “a economic rebound, which begins to be seen in the first months with positive data on tax collection, employment and real wages.” This dynamism, after a 2023 marked by the drought and the exchange difference would be Argentinawill continue in the coming months, he stipulated.
However, the Center for Studies of Economic and Social Reality warned that the problems of competitiveness will continue to persist. Uruguay “accumulates a loss of competitiveness—measured through the real bilateral exchange rate—of 17% in the last two years, with significant impact on the agro-export industry and the tourismand there is no change in the trend,” stated the study.
Why did the Leader Index rise?
Several variables consolidated the February ILC, according to Ceres, which highlighted among them the improvement of export requests in the first two months of the year compared to 2023 (+5%), as well as better performance in a key sector of the agro-industrial complex: cattle slaughter increased 9% in the same period.
Regarding industrial production, the Leading Index showed stability in recent months, affected by the strike at the La Teja refinery in Ancap. However, diesel sales increased in January by a seasonally adjusted 6.7% compared to December and gasoline sales by 7.2%.
The collection in DGI by VAT In real terms it grew in January versus December and year-on-year, after last year it was strongly affected by the exodus of consumption to Argentina which, according to official data, caused collection to drop by 50 million dollars.
Another key area of economic activity, that of constructionmanaged to cushion the blow of the completion of works related to UPM 2 with a good level of housing construction and road works.
Source: Ambito
