MercoPress. South Atlantic News Agency
Uruguay’s economy expands 5.6% in second quarter helped by hydroelectric production
Abundant rainfall helped to more than double dams output Uruguay's economy expanded 5.6% in the second quarter compared with the same period a year earlier and 2.1% compared with the first three months of this year, the central bank said in its quarterly report.
Most economic sectors grew in the second quarter, but what contributed most was “supply of energy, gas and water” due to a high hydroelectric production, as a consequence of abundant rainfall following a long period of drought the bank said.
This sector grew 225.4% in the second quarter, compared with the same period in 2012. Transport and communications registered the second biggest growth at 9.2%, due to the expansion of internet services and cellular phone sales, and positive foreign trade.
Agriculture and livestock also rose 3.3%, due mainly to good crop performance.
The only sector which registered a fall was construction, down 4.3% mainly because of “a contraction in the private sector’. This is attributed to the end of construction work in the Montes del Plata pulp mill, one of the largest investments in Uruguay’s history which is forecasted to begin production in the next six months.
Exports also had a good performance having expanded 11.1% in the second quarter (in value) compared to the same period a year ago, while imports were up 2.5%, which had “a lesser negative impact on the physical volume of goods and services trade balance’.
Domestic demand which was the main contributor to last year’s expansion also was fundamental in the second quarter of 2013 having expanded 5.2%.
The central bank expects the Uruguayan economy to grow 4% for the full-year 2013, but private analysts forecast an expansion of 3.45%. The IMF and World Bank are also forecasting between 3.5 and 4%.
In the first quarter of the year the economy expanded 1.2%, compared to the negative 0.1% performance of the last quarter of 2012.
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Read all commentsNot so good if you have to rely on the weather.
Sep 16th, 2013 - 04:51 am 01 golfcronie
Sep 16th, 2013 - 09:08 am 0You have to read between the lines.
Why, if the petrochemical industry (ALL owned by the government and run by a bunch of tossers) did fuels of all sorts go up by a gnats cock less than 10% this month? Next period we will have Pepe crowing things are even better at ANCAP, well they would be if you put the price up of someone everyone cannot do without!!! And the spot price of fuel hasn’t seriously moved for months in reality.
Never mind the new pulp mill construction coming to an end what about the 2000+ construction workers out of work around Punta del Este?
The pulp mill, when the management eventually decides the government isn't going to fuck it up anymore than it already has, will start production and the workers it employs will be added to the count. What, if anything, are the government doing about reducing the draconian taxes that strangle all businesses and result in downturns and loss of jobs? FA as usual because they are so stupid, these commie twats, that they have never understood that reducing taxes per se will result in a greater overall tax take because things will be flourishing instead of dying.
Four years of Pepe, his commie mates in ministerial positions, rollover of debts for the future generations to pay for all in the name of Social Inclusion and padding the government with dim wits who can do no more than count up to 20 using their fingers and toes.
And Vasquez is like y to be hamstrung with having La Tronca Topolansky as his V.P. Poor sod, all his good work from his previous presidency chucked down the crapper by this harridan and her stupid husband.
You couldn’t make this up.
@2 Chris, not a fan of communism then I take it? It took a long time before the USSR woke up to the fact it does not work.
Sep 16th, 2013 - 03:23 pm 0Commenting for this story is now closed.
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