Uruguay Economic Outlook
October 11, 2021GDP expanded year-on-year for the first time since Q3 2019 in the second quarter. Growth was predominately due to a low base effect, but activity also increased in sequential terms in the period. In annual terms, domestic demand led the rebound as private consumption expanded robustly, while government consumption and fixed investment growth accelerated. On the external front, both exports and imports of goods and services bounced back at a healthy pace. Momentum likely transferred over to Q3, as the loosening of Covid-19 restrictions should have continued to spur household spending, while surging export growth suggests the external sector remained solid. Turning to the final quarter of the year, conditions should remain upbeat as strong progress on the vaccine rollout and relatively muted new Covid-19 cases in early October bode well for domestic activity.
Uruguay Economic GrowthThe economy should expand this year as stronger investment supports domestic demand. In 2022, GDP growth should accelerate slightly, with exports likely benefiting from healthy foreign demand. However, fiscal prudence and lingering uncertainty over the evolution of the pandemic cloud the outlook. FocusEconomics analysts see the economy expanding 3.0% in 2021. In 2022, our panel estimate growth of 3.2%, which is unchanged from the previous month’s forecast.
Uruguay Economy Data
5 years of Uruguay economic forecasts for more than 30 economic indicators.
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|Exchange Rate||37.33||0.24 %||Jan 01|
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Uruguay Economic News
August 11, 2021
Industrial manufacturing output grew 19.8% in year-on-year terms in June, which was down from May's 22.9% increase.
August 11, 2021
At its 11 August meeting, the Monetary Policy Committee of the Central Bank of Uruguay decided to raise the monetary policy rate by 50 basis points to 5.00%.
August 4, 2021
Consumer prices rose 0.52% from the previous month in July, moderating from June's 0.67% increase.
July 12, 2021
Industrial output grew 22.9% in year-on-year terms in May, which followed April's 24.5% increase.
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%.