Uruguay: GDP decelerates in 2012 amid weaker external sector
March 27, 2013
In the fourth quarter, GDP grew 4.8% over the same quarter the year before. The reading marked an improvement compared to the 2.9% growth rate registered in the third quarter and was broadly in line with the 4.6% rise anticipated by LatinFocus Consensus Forecast panellists. Overall in 2012, GDP grew 3.9%, well below the 6.5% expansion observed in 2011.
Total consumption expanded 7.0% in the fourth quarter, up from the 6.2% increase recorded in Q3, amid faster growth in private consumption (Q3 2012: +6.3% yoy; Q4: +7.1% yoy), whereas government spending decelerated over the previous quarter (Q3: +6.1% year-on-year; Q4: +5.8% yoy). On the other hand, fixed investment decelerated from a 24.6% rise in Q3 to a 15.5% expansion in Q4.
Meanwhile, the external sector deteriorated over the previous quarter, as exports of goods and services deteriorated from a 6.2% rise in Q3 to a 4.0% fall in the fourth quarter, while imports moderated to a 12.4% expansion (Q3: +14.3% yoy).
A quarter-on-quarter comparison does not corroborate the acceleration suggested by annual data, as the economy decreased 0.1% over the previous quarter in seasonally adjusted terms, which contrasted the 1.6% increase recorded in the third quarter.