A report from its Technical Advisory Commission found that half of this total growth corresponds to holders of more than a quarter of a million dollars and if those with more than 100 thousand dollars are added, it represents 70 percent of deposits.
According to official data from the Central Bank of Uruguay (BCU), the country’s economy is growing and beginning to recover from the crisis caused by the pandemic.
But at the same time, data from the National Institute of Statistics indicate that the average household income experienced a greater drop than that of the Gross Domestic Product in 2020 and the recovery was less in 2021
When the ‘cake’ shrank in 2020 by six percent, the portion that reaches homes shrunk even more, by seven percent, and when the cake began to grow in the three quarters of 2021, by more than 4.2 the portion that reaches homes grew less, with 3.6 percent, illustrated the report of the technical commission.
The union’s analysis indicates that “the effects of inflation and the policy that lowers purchasing power have a stronger impact on the lower-income groups, lacking the ability to save.”
He elaborated that the poorest 20 percent of the population have an income that is not enough to cover all their monthly consumption, they are very strongly affected by inflation, without the power to maneuver.
On the other hand, the households of the richest 20 percent of the population spend little more than 70 percent of their income on their monthly consumption, so that savings capacity allows them to better face the increase in prices, he contrasted.
The BCU registered deposits of more than six billion dollars in the two years of the pandemic, which according to economists, come from exporters, the main beneficiaries in the midst of the health crisis, who also transfer the bulk of their profits to accounts abroad. .
rgh/hr
