The improvement compared to May 2023 was revealed in the IMAE presented monthly by the Central Bank of Uruguay.
The economic activity improved by 4.6% year-on-year in May, according to the latest indicator published this Wednesday by the Central Bank of Uruguay (BCU), which allows us to project a good performance of the GDP during the second quarter of the year.
The data comes from the Monthly Indicator of Economic Activity (IMAE), which reported significant growth compared to last year, while reporting that it remained stable in seasonally adjusted terms. Meanwhile, the trend cycle showed a positive variation of 0.1% with respect to April.
It is worth noting that the IMAE It is shown as a synthetic indicator that summarizes the activity of the different branches of the economy, measured at constant 2016 prices, so its interannual variation provides a measure of the evolution of the economic activity of the country in the short term.
According to the BCU, the calculation of the index, which has a lag of 60 days, is based on multiple indicators of offer which are weighted by the participation of economic activities within the GDP.
GDP grew in the first quarter and the outlook is positive
He Gross domestic product (GDP) grew by 0.6% year-on-year during the first quarter, which reached 0.9% in the seasonally adjusted series, driven by the external demand, according to the latest national accounts report published by the BCU.
Meanwhile, the Ceres Leader Index (ILC), which prepares the Center for Studies of Economic and Social Reality (Ceres) and works as a predictor of the level of economic activity, improved for the ninth consecutive month in June.
He ILC showed a positive rate of 0.2%, while the authors of the report highlighted the increase in wage bill, by a greater number of employees and the growth of the real wage which boosts local consumption, to which is added the smaller price gap with Argentina, which reduced the crossing of Uruguayans to buy in that country.
Source: Ambito
