Uruguay Economic Outlook
June 14, 2022
Growth appeared to pick up in Q1. Agricultural prices, which hit levels not seen since 2008, led year-on-year export growth to average 35.1% in the quarter. Private consumption probably weathered the Omicron wave relatively well—the country has one of the world’s highest vaccination rates. This said, lingering Covid-19 restrictions and rising inflation will have capped spending. Turning to Q2, the government loosened Covid-19 restrictions in April, boosting economic activity. It also cut taxes and raised public sector pensions and wages that same month, supporting consumption at the expense of a wider fiscal deficit. In other news, the IMF concluded its visit on 3 June, and voiced support for short-term targeted measures to shield the economy from higher inflation. The Fund also stressed the importance of continued fiscal consolidation.Uruguay Economic Growth
The economy’s expansion will be above its long-term pre-pandemic average this year. Elevated prices for agricultural commodities will strengthen the external sector, while looser Covid-19 restrictions should support domestic demand. Given that a recent referendum to block the president’s pro-market reforms only narrowly failed, further challenges to the president’s agenda pose risks. FocusEconomics analysts see the economy expanding 4.0% in 2022, which is up 0.2 percentage points from the previous month’s forecast. In 2023, our panel estimates growth of 2.7%.Uruguay Economy Data
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Uruguay Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 37.33 | 0.24 % | Jan 01 |
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Uruguay Economic News
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Uruguay: Inflation declines further in January
February 3, 2023
Inflation eased to 8.0% in January from December’s 8.3%.
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Uruguay: Industrial production contracts at a sharper pace in November
January 11, 2023
Industrial output slid 5.9% in year-on-year terms in November, which is down from October’s 4.2% shrinkage.
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Uruguay: Inflation declines in December
January 4, 2023
Inflation eased to 8.3% in December from November’s 8.5%.
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Uruguay: Central Bank delivers last hike of tightening cycle in December
December 30, 2022
At its 30 December meeting, the Monetary Policy Committee of the Central Bank of Uruguay (BCU) increased the policy rate from 11.25% to 11.50%.
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Uruguay: GDP grows at softest pace since Q1 2021 in Q3 2022
December 16, 2022
GDP growth waned to 3.7% year on year in the third quarter from 7.9% in the second quarter.
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