Uruguay GDP


GDP slows in Q1

In the first quarter, GDP grew 3.7% over the same quarter last year. The reading marked a slowdown compared to the 4.8% growth rate registered in the fourth quarter.

Total consumption expanded 4.8% in the first quarter, down from the 7.0% increase recorded in Q4, amid slower growth in both private consumption (Q4 2012: +7.1% year-on-year; Q1: +4.8% yoy) and in government spending (Q4: +5.8% yoy; Q1: +5.2% yoy). Fixed investment also moderated from a 15.5% rise in Q4 to a 12.6% expansion in Q1.

Meanwhile, exports of goods and services deteriorated from a 4.0% drop in Q4 to a 9.9% contraction in the first quarter, while imports moderated to a meagre 0.1% expansion (Q4: +12.4% yoy)..

A quarter-on-quarter comparison does not corroborate the moderation suggested by annual data, as the economy expanded 1.2% over the previous quarter in seasonally adjusted terms, which contrasted the 0.1% contraction recorded in the fourth quarter.

For this year, panellists 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 Q1 2013

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

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