Indicator shows continuous economic growth in Uruguay-Xinhua

Indicator shows continuous economic growth in Uruguay

Source: Xinhua

Editor: huaxia

2024-06-06 10:21:00

MONTEVIDEO, June 5 (Xinhua) -- Uruguay's economy continued to expand in May, an eighth month consecutive growth, the Center for Economic and Social Reality Studies (CERES) said Wednesday.

The CERES Leader Index, an advance indicator, rose 0.2 percent in May, showing positive growth of the economy in the past month.

This dynamism was made possible as negative impacts on the economy in 2023, such as drought, have abated, the CERES said in a report.

A rise in employment "and a low inflation rate that boosts real wages and benefits domestic consumption" were also helping to drive the economy, the research institute said.

The CERES report, however, indicated that growth was of a lower magnitude than expected due to the sluggish economy in neighboring Argentina and excessive rains that complicated logistics in agriculture.

Uruguay's economy expanded just 0.4 percent in 2023 compared to the previous year, partially impacted by a major drought.