Uruguay: Economy accelerates in Q4, pushes up 2013 growth
March 31, 2014
In Q4, GDP grew 4.6% over the same quarter last year. The reading marked an acceleration compared to the revised 3.0% growth rate registered in Q3 (previously reported: +3.3% year-on-year). As a result, the economy expanded a healthy 4.4% in the full year 2013, which was up from the 3.7% rise tallied in 2012.
The economy continued to benefit from buoyant domestic demand, which was especially due to fixed investment. Conversely, conditions in the external sector continued to worsen. Total consumption expanded 4.8% in Q4, which was down from the 5.3% rise recorded in Q3. Private consumption expanded 5.0% in Q4 (Q3 2013: +5.6% yoy). Government spending improved in the fourth quarter; it expanded 3.0%, which was a tad above the 2.9% rise seen in the previous quarter. Fixed investment registered the strongest improvement, as it expanded 1.9% in Q4, which was up from the 0.2% rise seen in Q3.
Exports of goods and services deteriorated from a 2.0% expansion in Q3 to a 0.8% contraction in Q4. Imports, on the other hand, accelerated to a 3.8% expansion (Q3: +2.0% yoy).
A quarter-on-quarter comparison corroborates the improvement suggested by the annual data; the economy expanded 2.0% over the previous quarter in seasonally-adjusted terms, which contrasted the revised 0.9% contraction recorded in Q3 (previously reported -0.7% quarter-on-quarter).
FocusEconomics Consensus Forecast panelists expect GDP to grow 3.3% in 2014, which is down 0.2 percentage points from last month's forecast. For 2015, the panel sees economic output expanding 3.7%.