Uruguay Economic Outlook
November 10, 2020Economic prospects remained bleak in Q3, after Q2’s record GDP contraction on the coronavirus hit. Industrial output shrank at a faster rate in August, while goods exports fell sharply in the quarter, likely owing to muted demand from key trading partners. Meanwhile, the jobless rate rose in August, hitting an over 14-year high, which likely hampered household spending in the quarter. Turning to Q4, due to a rise in new Covid-19 cases, the government announced at end-October that it will keep borders closed to tourism over the coming summer months, which could weigh on activity. The authorities also renewed restrictions in the city of Rivera where numbers are particularly high, suspending large events and limiting capacity in shops. In other news, on 8 October, Fitch Ratings affirmed the country’s BBB- rating with a negative outlook, citing strained public finances due to the health crisis.
Uruguay Economic GrowthFollowing this year’s projected contraction due to the Covid-19 shock, the economy is set to rebound in 2021. Household and capital spending are seen bouncing back, while exports should be supported by recovering demand from key trading partners. A prolonged health crisis and a frail fiscal position, exacerbated by the pandemic, pose key risks, however. FocusEconomics analysts see the economy expanding 4.1% in 2021, which is up 0.2 percentage points from last month’s forecast, and 2.6% in 2022.
Uruguay Economy Data
5 years of Uruguay economic forecasts for more than 30 economic indicators.
Get a sample report showing our regional, country and commodities data and analysis.
|Exchange Rate||37.33||0.24 %||Jan 01|
Request a Trial
Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.
Uruguay Economic News
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%.
July 5, 2021
Consumer prices increased 0.67% from the previous month in June, accelerating from May's 0.46% increase.
June 23, 2021
GDP fell at a slightly milder pace of 2.8% year-on-year in the first quarter, following the 2.9% contraction seen in Q4 2020. Q1’s reading largely came on the back of a pickup in fixed investment, which expanded 14.5% on an annual basis, following Q4’s 11.8% rise.
June 11, 2021
Industrial production surged in April, growing 24.5% on an annual basis (March: +3.7% year-on-year).
June 3, 2021
Consumer prices rose 0.46% from the previous month in May, slowing down from the 0.50% rise recorded in April.