Uruguay Economic Outlook
September 14, 2021The economy should have rebounded robustly in the second quarter, supported by a low base effect and healthier foreign demand. In Q2, industrial manufacturing production expanded at a double-digit pace, the unemployment rate dropped to the lowest level since January 2020 in June and merchandise export growth surged across the quarter. Turning to Q3, momentum is likely softening as the base effect fades, but economic activity should be strengthening in sequential terms. Solid progress on the vaccination front—169.8 doses had been administered per 100 people of the total population as of 12 September—coupled with declining new Covid-19 cases has allowed authorities to ease restrictions in Q3, which should be supporting the recovery in household spending. Furthermore, export growth hit the highest level in at least 30 years in July, boding well for the external sector.
Uruguay Economic GrowthThe economy is seen expanding this year as stronger investment supports domestic demand and the external sector benefits from healthier foreign demand and higher commodity prices. However, fiscal prudence and lingering uncertainty over the evolution of the pandemic cloud the outlook. FocusEconomics analysts see the economy expanding 2.8% in 2021, which is unchanged from last month’s forecast, and 3.2% in 2022.
Uruguay Economy Data
5 years of Uruguay economic forecasts for more than 30 economic indicators.
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|Exchange Rate||37.33||0.24 %||Jan 01|
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Uruguay Economic News
August 11, 2021
Industrial manufacturing output grew 19.8% in year-on-year terms in June, which was down from May's 22.9% increase.
August 11, 2021
At its 11 August meeting, the Monetary Policy Committee of the Central Bank of Uruguay decided to raise the monetary policy rate by 50 basis points to 5.00%.
August 4, 2021
Consumer prices rose 0.52% from the previous month in July, moderating from June's 0.67% increase.
July 12, 2021
Industrial output grew 22.9% in year-on-year terms in May, which followed April's 24.5% increase.
July 6, 2021
At its 6 July meeting, the Monetary Policy Committee of the Central Bank of Uruguay unanimously voted to keep the monetary policy rate unchanged at 4.50%.