Montevideo, June 13 (.).- The Gross Domestic Product (GDP) of Uruguay increased 0.6% in the first quarter of 2024 compared to the same period in 2023, as reported this Thursday by the Central Bank of Uruguay (BCU). .
According to the latest BCU National Accounts report, this increase, which occurs after an interannual drop of 0.2% in GDP registered in the last quarter of 2023, was conditioned by improvements in production areas and growth of exports.
In seasonally adjusted terms, the economic activity of the South American country thus grew by 0.9% during the first quarter of this year compared to the fourth quarter of 2023.
“From the production perspective, the growth of the activities of Electricity, Gas and Water (20%) and Commerce, Accommodation and Supply of food and beverages (2.9%) stands out, partially offset by the lower activity of the Manufacturing Industry and Construction (-3.8%)”, states the BCU text.
Regarding demand, he adds, “there was a reduction in internal demand and an increase in external demand.”
Domestic demand experienced a drop in Gross Capital Formation “both due to lower investment in fixed assets and a greater decumulation of inventories”, although the indicator of final consumption expenditure increased due to higher final consumption expenditure of households .
“For its part, external demand showed a growth in the physical volume of exports of 4.5%, while imports contracted 3.8%, resulting in an increase in net external demand in terms of physical volume with compared to the same quarter of the previous year,” details the BCU.
As indicated in his account on the social network (IMAE) and shows a “good economic performance in the first quarter.”
“This annualized figure would signal a growth for all of 2024 of 3.6% if maintained in the following quarters,” the expert stated in his publication.
As reported last February during the presentation of the fiscal situation and the 2024 macroeconomic perspectives of Uruguay by the Minister of Economy and Finance, Azucena Arbeleche, for this year the portfolio foresees an economic growth of 3.5% of the country’s GDP.
