Uruguay GDP


Uruguay: GDP decelerates slightly in Q3

December 26, 2014

In Q3, GDP grew 3.7% over the same quarter last year, marking a slight deceleration compared to the 3.9% growth recorded in Q2 (previously reported: +3.7% year-on-year).The deceleration was due to a sharp slowdown in export growth.

Exports of goods and services slowed down from a 7.3% expansion in Q2 to a 3.8% rise in Q3. Imports contracted 1.6% in Q3, which contrasted the 3.9% rise tallied in Q2.

On the domestic side of the economy, total consumption expanded 4.3% in Q3, which was slightly below the 4.5% recorded in Q2. Private consumption expanded 4.4% in Q3 (Q2: +4.6% year-on-year). Government spending expanded 3.6% in Q3, which was virtually unchanged compared to the 3.5% growth tallied in Q2. Finally, fixed investment contracted 0.3% in Q3, which was an improvement compared to the 1.7% contraction registered in Q2.

A quarter-on-quarter comparison shows that the economy dropped 0.4% in Q3 over the previous quarter in seasonally-adjusted terms, which contrasted the 2.2% increase recorded in Q2. The print marked the fastest pace of contraction since Q4 2011.

LatinFocus Consensus Forecast panelists expect GDP to grow 3.1% in 2015, which is unchanged from last month’s forecast. For 2016, the panel sees economic output expanding 3.4%.

Author:, Economist

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Uruguay GDP Chart

Uruguay GDP Q3 2014

Note: Year-on-year changes of GDP in %.
Source: Uruguay Central Bank (BCU) and LatinFocus Consensus Forecast.

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