Uruguay - Real Fixed Investment (gross fixed capital formation)

For Uruguay, the quarterly and annual national accounts, including the expenditure and production approaches to gross domestic product, a.k.a. GDP(E) and GDP(O).

Gross Domestic Product (GDP) is a fundamental measure of a country's economic output. It is defined as the total value added by all economic units within a country. GDP can be calculated via three different approaches; namely the production, income or expenditure approach. For each method, GDP can be expressed in terms of a base period (constant prices) or in current prices. While the former allows for the analysis of economic progress, the latter presents a clearer perspective on current economic structure.

Active:

• National accounts framework: Unknown
• Industry classification: Unknown
• Measurements:
  • Millions of Uruguayan pesos at constant year-2016 prices (Mil. 2016 UYU)
  • At current prices (Mil. UYU)
  • Volume index relative to 2016 (Vol. Index 2016=100)
• Adjustment: Not seasonally adjusted (NSA)
• Native frequencies and start dates:
  • Quarterly from 2016Q1
  • Annual from 2016

Predecessors:

• Currency reference year 2005, ISIC Rev. 3, annual - {1997, 2005} to 2019 ("_05")
• Currency reference year 2005, ISIC Rev. 3, quarterly - 2005Q1 to 2020Q2 ("_05")
• Annual GFCF per INE - 1983 to 2019 ("_05")
• Currency reference year 1983, ISIC Rev. 2, quarterly - {1988Q1, 2002Q1} to {2008Q3, 2008Q4} ("83")

In the production approach, GDP is the sum of all production units from 8 different industry sectors. These include:

• Agriculture, Hunting and Forestry
• Manufacturing
• Electricity, Gas and Water Supply
• Construction
• Trade, Repair, Restaurant and Hotel
• Transport, Storage and Communication
• Finance, Real Estate and Business Services
• Services including services provided by government

In the expenditure approach, GDP is calculated as:

Y = C + I + G + (X - M)

where C is private household consumption, I is business investment in inventory and structure, G is government expenditure and (X-M) is the trade balance, obtained by subtracting gross imports from gross exports.

Gross fixed capital formation refers to the net increase in the capital stock (less the disposal of fixed assets). It does not include depreciation or consumption of fixed assets. In 2023, reporting responsibility moved from the national statistics institute to the national central bank.

Moody's Analytics supplements

For the base-2005 annual series, we extended over the interval 1955 to 2004.

For select quarterly series, we extended back to 1988Q1. We adjusted select series, directly or as identities. We converted imports to positive values. 

For the base-2016 series, we do not extend. For GDP(E) at current prices, we produce a full set of seasonally adjusted counterparts including identities. We converted imports to positive values.

Further reading

At the source:

• http://www.ine.gub.uy/web/guest/cuentas-nacionales

At IMF (SDDS):

• Real sector - National accounts (Jul 2022 / Jan2024)

Document edits

• Aug 2008 - Initial version, using currency reference year 1983.
• Apr 2009 - Currency reference year advanced to 2005.
• May 2011 - Initial version of annual GFCF.
• Feb 2021 - Currency reference year advanced to 2016.
• 1 Aug 2023, Phillip Thorne - For annual GFCF, source changed from INE to BCU.
• 30 Jul 2024, Phillip Thorne - Merged GFCF content.