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Trade and services represented more than 68% of the global added value of the economy

Trade and services represented more than 68% of the global added value of the economy
Trade and services represented more than 68% of the global added value of the economy

The relative importance and dynamism in the labor market was much higher than that of the rest of the sectors, according to a Ccsuy report.

The sector Business and services represented 68.9% of the global added value of the economy during 2023, with moderate growth in all branches, according to a report from the Chamber of Commerce and Services of Uruguay (Ccsuy).

In this way, the relative importance of the sector became evident, vastly surpassing the rest in this aspect. The thing is the Manufacturing Industry had a participation in the added value of 11.2%, while the Primary activities represented 7.1%, the Construction reached 4.8% and Others completed with 8%.

When analyzing by different areas, the sector of Trade, accommodation and provision of food and beverages showed a slight increase of 1.2% year-on-year, while Transportation and Storage, Information and Communications grew 0.6%.

While, Financial services It ended last year with an increase of 2.7%; Professional activities and leasing, with a 1% improvement; and Health, education, real estate activities and Other services increased by 1.1%.

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A dynamic labor market

In relation to Work market, The survey used data from the Social Security Bank (BPS), and highlighted that the sector generated 941,480 jobs during 2023. “This demonstrates once again the great relevance of the sector also as a generator of employment”, Ccsuy highlighted the figure, which represents 61.2% of total jobs.

Among the specific items, the most dynamic was the participation of Wholesale and retail trade, repair of motor vehicles and motorcycles, which generated 253,856 jobs, 27% of the total.

Further back, Human health care and social assistance activities appeared, with 119,188; Teaching, with 94,799; Administrative and support services activities, with 85,934; Transportation and storage, with 85,207; and Activities of households as employers, with 76,476.

Source: Ambito

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