Uruguay GDP


GDP accelerates in Q2

In the second quarter, GDP grew 5.6% over the same quarter last year. The reading marked an acceleration compared to the revised 4.0% growth rate registered in the first quarter (previously reported: 3.7% year-on-year) and marked the fastest expansion since Q3 2011.

The improvement came on the back of stronger consumption. Total consumption expanded 5.2% in Q2, up from the 4.8% rise recorded in Q1. The increase in total consumption came amid faster growth in both private consumption (Q1 2013: +4.7% yoy; Q2: +5.1% yoy) and government spending (Q1: +5.2% yoy; Q2: +6.1% yoy). Fixed investment, however, slowed notably from a 14.2% rise in Q1 to a 3.7% expansion in Q2.

Meanwhile, exports of goods and services swung from a 11.2% drop in Q1 to a 11.1% expansion in the second quarter, while imports moderated to a softer 2.5% expansion (Q1: +3.4% yoy).

A quarter-on-quarter comparison corroborates the acceleration suggested by annual data; the economy expanded 2.1% over the previous quarter in seasonally-adjusted terms, which exceeded the 1.3% increase recorded in the first quarter.

The government expects the economy to expand 4.0% this year. Meanwhile, panelists expect GDP to grow 3.8%, which is unchanged from last month's forecast, and for 2014 the panel sees economic output expanding 4.0%.


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Uruguay GDP Chart

Uruguay GDP Q2 2013

Note: Year-on-year changes of GDP in %.
Source: National Statistical Institute (INE) and FocusEconomics Consensus Forecast.

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