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
Sample Report
Get a sample report showing our regional, country and commodities data and analysis.
Uruguay Facts
| Value | Change | Date | |
|---|---|---|---|
| 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
-
Uruguay: Inflation moderates in August
September 5, 2022
Consumer prices increased 0.83% over the previous month in August, picking up from July's 0.77% increase.
-
Uruguay: Central Bank hikes rates further in August
August 15, 2022
On 15 August, the Monetary Policy Committee of the Central Bank of Uruguay (BCU) increased the policy rate from 9.75% points to 10.25%.
-
Uruguay: Industrial output records slowest expansion since February 2021 in June
August 12, 2022
Industrial output increased 3.6% year on year in June (May: +12.0% yoy).
-
Uruguay: Inflation rises to 20-month high in July
August 3, 2022
Consumer prices increased 0.77% over the previous month in July, accelerating from June's 0.59% rise.
-
Uruguay: Industrial output posts quickest growth since November 2021 in May
July 12, 2022
Industrial output increased 12.0% compared to the same month a year earlier in May, which was markedly above April's 3.9% increase.
© Copyright: 2022. | Uruguay Economy | Privacy Policy | Cookies Policy | Terms & Conditions | Sitemap | RSS feed
