dinero_admin 
The Índice de Volumen de la Actividad Económica (IVAE), in its seasonally adjusted series, recorded a slight decline in july 2026 compared to june of the same year, according to data provided by the Banco Central de Reserva (BCR). The index fell from 134.7 points in June to 134.6 points in july, a reduction of 0.1 points, equivalent to a monthly change of approximately -0.07%.
Construction led the growth
Despite the overall drop in the IVAE, several sectors recorded increases during july. Construction showed the highest monthly growth, rising from 200.9 to 204.5 points; this represents an increase of 3.6 points and a variation of 1.79%.
Following Construction, the next largest increase was in the group comprising trade, transport and storage, and accommodation and food service activities, which rose from 136.7 to 138.2 points, an increase of 1.5 points, or 1.10%.
Growth was also seen in agriculture, livestock, forestry, and fishing (up from 100.3 to 101.0 points, or 0.70%); the Industrial Production Index (up from 112.6 to 113.2 points, or 0.53%); professional, scientific, technical, administrative, and support activities and other services (up from 149.4 to 149.9 points, or 0.33%); and real estate activities (up from 120.8 to 121.2 points, also 0.33%).
Sectors that declined
In contrast, three groups recorded declines between june and july. The largest reduction occurred in the public administration and defense, education, health, and social assistance sector, where the index fell from 129.0 to 124.5 points, a drop of 4.5 points or 3.49%.
The information and communication sector declined from 146.3 to 145.2 points, a decrease of 1.1 points or 0.75%. Similarly, the financial and insurance sectors went from 176.0 to 175.2 points, a reduction of 0.8 points or 0.45%.
No sector remained unchanged
According to data provided by the BCR, none of the included sectors maintained the exact same level between june and july 2026. The overall IVAE result stemmed from a combination of increases recorded in activities such as construction, commerce, agriculture, and industry, alongside reductions observed primarily in public administration, information and communication, and financial activities.
Comparison with july 2025
When comparing July 2026 with july 2025, the IVAE’s performance differed. The overall index rose from 128.8 to 134.6 points, representing an increase of 5.8 points—equivalent to year-on-year growth of 4.50%.
Construction once again recorded the highest growth in this comparison. Its index rose from 187.1 points in july 2025 to 204.5 points in July 2026, an increase of 17.4 points or 9.30%.
Other sectors also grew
After Construction, the largest year-on-year growth was seen in the public administration and defense, education, health, and social assistance sector, which rose from 115.7 to 124.5 points, an increase of 8.8 points (7.61%). This was followed by real estate activities, with an increase of 6.7 points (5.85%), and information and communications, which rose by 7.9 points (5.75%).
Increases compared to July 2025 were also recorded by the trade, transport, and accommodation and food services group (4.78%); financial and insurance activities (2.52%); the Industrial Production Index (3.19%); and professional activities and support services (0.27%).
Agriculture recorded a year-on-year decline
Agriculture, livestock, forestry, and fishing was the only sector to decline in the year-on-year comparison. Its index fell from 102.0 points in July 2025 to 101.0 points in july 2026—a reduction of 1.0 point, equivalent to -0.98%.
Overall, BCR data show that the IVAE experienced a slight monthly contraction of 0.07% in july but maintained a positive result compared to the same month of the previous year, with growth of 4.50%. Construction stood out in both comparisons: it rose by 1.79% compared to june and by 9.30% compared to july 2025.
