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Economic activity grew for the ninth consecutive month

Economic activity grew for the ninth consecutive month
Economic activity grew for the ninth consecutive month

The Ceres Leading Index, a leading indicator of the economy, registered a new increase, showing a positive rate of 0.2%.

Photo: Pixabay

He Ceres Leader Index (CLI)the leading indicator of the level of economic activity prepared by the Center for Studies of Economic and Social Reality (Ceres), grew for the ninth consecutive month in June, after posting a positive rate of 0.2%.

According to the report, the increase in the wage bill, due to a greater number of employees and the growth of real wages that drives local consumption, as well as the reduction of the price gap due to the exchange difference with the Argentinareduced the flow of purchases to this country.

In turn, it is highlighted that the normalization of the production of soy after the historic drought that devastated the national countryside between 2022 and 2023, as well as the increase in production of cellulose continue to boost Uruguayan exports, whose applications were 34% higher than those of a year ago.

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Growth was lower than expected in the first quarter

However, since Ceres It is noted that growth during the first quarter was low and even “lower than expected” as local activity was affected by the economic recession Argentinaconditioning the flow of Argentine citizens, with outbound tourism that remains solid.

Likewise, excessive rainfall complicated logistics in the sector. agriculture, In addition to spoiling part of the production. To this must be added the consequences of the technical stoppage of the refinery The tile, by which Ancap reported million-dollar losses, and the annual technical stops of the three plants cellulose from the country.

On the other hand, it should be noted that the export sector has been facing profitability problems for two years, after which they are demanding a “exchange rate lag”.

He Diffusion Index (DI)which indicates the proportion of the index components that grew in the month, was 70% in June, so the ILC for this period was supported by an increase in most of the variables that compose it.

Source: Ambito

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