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.
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|Exchange Rate||37.33||0.24 %||Jan 01|
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Uruguay Economic News
April 12, 2021
Industrial production fell 0.2% year-on-year in February (January: -3.8% yoy).
April 5, 2021
Consumer prices rose 0.62% over the previous month in March, slowing down from February's 0.82% increase.
March 24, 2021
GDP fell 2.9% year-on-year in the fourth quarter of 2020, marking a softer contraction than the 5.8% drop logged in Q3.
March 15, 2021
Industrial production fell 0.3% year-on-year in January (December: +1.4% yoy).
March 3, 2021
Consumer prices increased 0.82% in February over the previous month, which was below the 1.60% rise seen in January.