Uruguay Economic Outlook
January 18, 2022
GDP growth eased in Q3, due to a moderation in domestic demand tied to a fading base effect. That said, output rose robustly in sequential terms, suggesting that the economy continued to recover. Private consumption growth moderated notably in the quarter, while government consumption and fixed investment growth ticked down. Turning to Q4, conditions likely continued to strengthen in sequential terms as the unemployment rate hit a three-year low in November, while industrial production growth remained robust in October–November. Shifting to this year, inflation remains elevated and new Covid-19 cases spiked in early January, boding poorly for activity in Q1. In other news, Fitch Ratings recently decided to keep Uruguay’s credit rating at ‘BBB-’ but raised its outlook from negative to stable, citing a healthier fiscal position and confidence in the government’s spending consolidation plans.Uruguay Economic Growth
GDP growth is set to slow slightly this year due to a fading base effect. That said, an improved labor market and looser Covid-19 restrictions should support household spending. Moreover, exports should benefit from some reduction in supply chain disruptions. However, fiscal prudence and lingering pandemic-related uncertainty cloud the outlook. FocusEconomics analysts see the economy expanding 3.3% in 2022, which is up 0.1 percentage points from the previous month’s forecast. In 2023, our panel estimates growth of 2.6%.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: Industrial output growth surges in November
January 11, 2022
Industrial output expanded 21.1% compared to the same month a year earlier in November, which followed October's 6.9% increase.
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Uruguay: Inflation ticks up in December
January 5, 2022
Consumer prices decreased 0.10% over the previous month in December, contrasting November's 0.25% rise.
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Uruguay: GDP growth slows in Q3, but remains robust nonetheless
December 22, 2021
The economy expanded 5.9% year-on-year in the third quarter, after having increased 11.4% in the second quarter of last year.
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Uruguay: Inflation remains stable in November
December 3, 2021
Consumer prices increased 0.25% over the previous month in November, below October's 1.04% rise.
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Uruguay: Central Bank raises its monetary policy rate again in November
November 11, 2021
At its 11 November meeting, the Monetary Policy Committee of the Central Bank of Uruguay decided to raise the monetary policy rate by 50 basis points to 5.75%.
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