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GDP grew 0.6% year-on-year during the first quarter

GDP grew 0.6% year-on-year during the first quarter
GDP grew 0.6% year-on-year during the first quarter

The Gross Domestic Product also registered an increase of 0.9% seasonally adjusted to the fourth quarter of last year.

Image: BCU

The Gross Domestic Product (GDP) of the Uruguay grew by 0.6% year-on-year during the first quarter, and in turn registered a seasonally adjusted increase of 0.9% in relation to the fourth quarter of last year, according to the latest national accounts report of the Central Bank of Uruguay (BCU).

At a productive level, the growth of activities in the sections “Electric energy, gas and water”, as well as “Commerce and accommodation and beverage supplies” stood out. The downside was lower activity in the “Construction” and “Manufacturing Industry” divisions.

According to the document, in this period there was a reduction in the domestic demand after a drop in Gross Capital Formation occurred, due to lower investment in fixed assets and a greater deaccumulation of inventories. For its part, Final Consumption Expenditure grew from higher Household Final Consumption Expenditure.

Likewise, the external demand It did present a growth in the physical volume of exports of 4.5%, while imports had a contraction of 3.8%, resulting in an increase in net external demand in terms of physical volume compared to the January-March period of the year. last year.

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The Economist Aldo Lema, highlighted through his In turn, he explained that the industry contracted after the technical stoppage of the La Teja refinery in Ancap and the Tourism Weekand of the end of the works of Central Railway in construction.

In this sense, he pointed out that from the year-on-year perspective, “demand moderated (with) the growth of private consumption (1.8%) and exports in volume of goods and services (4.5%)”, in parallel to “the contraction of fixed investment (-5.7%)”. “There was a significant drop in inventory accumulation and a certain contraction in the imported volume of goods and services (-3.8% year-on-year),” she stressed.

GDP at current price values

At current price values, GDP amounted to 0.759 trillion pesos in the first quarter, or the equivalent of about 73,407 pesos per capita on a monthly basis.

On the other hand, the variation of the GDP implicit price index was 2.8% compared to the same quarter of the previous year. In the last quarter of 2023, GDP at current values ​​was 0.784 trillion pesos, and the Implicit Price Index registered an interannual variation of 2.5% at that time.

Source: Ambito

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