DT 32/21 - Transferencias de ingresos entre actividades productivas en Uruguay (1955-2019). Estabilidad, cambio y creciente dispersión

We propose estimates of income intersectoral transfer to approximate the idea of how the inflation process –expressed in terms of different relative price evolutions– has consequences in terms of income inequality and structural change, during the period 1955-2019. Based on the large sectoral aggregates –primary, secondary and tertiary– and, until the 1990s, the transfers of resources between sectors showed a quite stable evolution, without major changes, which meant a smooth reduction of the sectoral dispersion. The tertiary sector turned to be one of the "losers" and the secondary one of the "winners" of the price´s evolution (especially since the beginning of the 21st century). However, the discrepancies within the aggregates increased and the trajectory of the aggregates little represents their components. In the secondary sector, until the 1990s, the sector performance represented, to a high degree, the movements of the manufacturing industry. However, this pattern changed in the 21st century and construction achieved the predominant role to explain the evolution of the aggregate. In the tertiary sector, communications showed an exceptional trajectory, losing resources after the 1990s. Leaving aside communications, services appear to be the “winning” sector of the 21st century. Continuous, consistent, and homogeneous series of GVA of 13 sectors of activity, at constant and current prices, is an additional result of this research.