It grew 3.8% in the second quarter of 2024 compared to the same period in 2023
The activity was boosted by a good performance of the agricultural sector, mainly soybeans, since there was a drought last year.
In the second quarter of 2024, the Gross Domestic Product (GDP) registered an increase of 3.8% compared to the same period last year, the Central Bank of Uruguay (BCU) reported on Thursday.
According to the latest National Accounts report from the BCU, this increase was driven by the growth of agricultural activities, mainly by soybeans, which had “higher summer crop yields in the 2023/2024 harvest compared to the previous one, affected by drought.”
The manufacturing industry had a negative impact on the result: “The decrease in industrial added value is associated with the negative performance of the oil refining activity, due to the closure of the Ancap refinery for maintenance,” the publication says.
In seasonally adjusted terms, economic activity grew by 2.0% compared to the first three months of 2024, the report adds.
According to the Minister of Economy and Finance, Azucena Arbeleche, who reported last February during the presentation of Uruguay’s fiscal situation and macroeconomic outlook for 2024, the portfolio expects economic growth of 3.5% of the country’s GDP for this year.
