Uruguayan economy ratified growth trend, according to Ceres

The Ceres Leading Index (CLI) increased 0.5% in May and completed five consecutive months of positive rates, which ratifies the growth trend of economic activity since January and shows that this increase in production is majority by sector, says the report released this Monday.

The report explains that this is reflected through the Diffusion Index, which in May was 70%, which indicates that a large majority of the variables that make up the ILC registered positive rates in the month. This indicator is complementary to the Leading Index and measures the amplitude of the support base of its monthly movement since it considers the proportion of the ILC variables with positive rates in each month.

Uruguayan economy ratified growth trend, according to Ceres

The latest data shows that agriculture was affirmed as one of the main engines for growth, with a soybean harvest that, when approaching the end, tends to a level close to the record in income of dollars to the country, highlights Ceres.

Meanwhile, the projection for the corn harvest is close to the record, and the rice harvest -already in its final stage- shows high yields, close to the historical maximum reached last year. The Russia-Ukraine conflict prolongs supply problems in raw materials, and high prices encourage production, which is reflected in plantings of winter crops that could be historic.

The ILC is a leading indicator of the level of activity, which is used to predict changes in the economic cycle; it does not allow quantitative projections to be made on the levels of economic activity, but is designed to give signals on the sign of the evolution of general economic activity.

By sectors

The Industrial production continues to rise and above pre-pandemic levels, with an increase in both production and employment in March.

Construction remains firm with large works and is one of the influential sectors in growth.

The collection of the DGI for VAT fell in April vs. March (seasonally adjusted), but in the first four months of the year it was higher than 2021.

Electricity consumption grew in April compared to the previous month (seasonally adjusted), and is higher than what was registered in both 2020 and 2021, in the same four-month period (January-April).

Naphtha sales grew in Apriland those of diesel fell, both against March (seasonally adjusted), although the accumulated figure for the year gives a higher level than in 2020 and 2021.

The movement of containers in the port remained at high levels.

Mobility was greater in April than in March, both in general traffic and in passenger transport.

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