Uruguay Economic Outlook
November 10, 2020
Economic 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 Growth
Following 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
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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: GDP contracts at softer pace in Q3
December 17, 2020
According to rebased national accounts data released by the Central Bank on 17 December, with the new base year referring to 2016 prices, GDP dropped at a milder rate of 5.9% year-on-year in the third quarter, above the 12.5% contraction seen in the second quarter.
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Uruguay: Industrial output growth hits two-year high in October
December 14, 2020
Industrial output increased 4.8% compared to the same month a year earlier in October, which contrasted September's 1.9% decrease and marked the best result since October 2018.
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Uruguay: Inflation hits eight-month low in November
December 4, 2020
Consumer prices rose 0.28% in November over the previous month, a softer increase than the 0.58% rise logged in October.
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Uruguay: Decline in industrial activity softens in September
November 11, 2020
Industrial output decreased 1.9% in year-on-year terms in September, which was markedly softer than August's 9.9% decrease.
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Uruguay: Inflation falls to seven-month low in October
November 5, 2020
Consumer prices rose 0.58% in October over the previous month, a smaller increase than the 0.64% rise recorded in September.
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