Motivation: Our pertinent national source, the Ministry of Economy and Finance (of Uruguay), reports central government finances, monthly, in not seasonally adjusted terms (NSA), with limited history (from 1999).

Response: For international consistency, we have estimated the above, in seasonally adjusted terms, and extended by nine years with data from the IMF.

Properties: Figures are millions of Uruguayan pesos (Mil. UYU) seasonally adjusted (SA). The series are quarterly from 1990Q1. Expect our estimates to be revised with each update to the historical drivers.

Method

1. Frequency-convert monthly to quarterly: reported revenue (GVLCREVUM.IURY).
2. Seasonally adjust (1) using the U.S. Census Bureau's X-13 ARIMA program.
3. Frequency-convert annual to quarterly (technique:cubic): annual IMF revenue (IMFGFCBA1TA.IURY, from 1990).
4. Backfill (2) to 1990Q1 using (3), producing RGVLCREVAQ.IURY.
5. Repeat with expenditure (GVLCEXTUM.IURY, IMFGFCBA2TA.IURY, and RGVLCEXTAQ.IURY).
6. Calculate budget balance as an identity:
• RGVLCBGBAQ.IURY = RGVLCREVAQ.IURY - RGVLCEXTAQ.IURY

See also

• New Data: Uruguay - Central government finance (Jan 2020)