Uruguay GDP

Uruguay

Uruguay: GDP growth decelerates in Q1

June 27, 2014

In Q1, GDP grew 2.4% over the same quarter last year, marking a deceleration compared to the 4.6% growth rate registered in Q4 and the slowest pace of expansion since Q3 2009.

The deceleration was mainly driven by the external side of the economy. Domestic demand also decelerated, although to a lesser extent. Total consumption expanded 4.5% in Q1, which was down from the 4.8% rise recorded in Q4. Private consumption expanded 4.8% in Q1 (Q4 2013: +5.0% year-on-year). Government spending expanded 2.4%, which was below the 3.0% rise seen in the previous quarter. Fixed investment registered the only improvement, expanding 8.5% in Q1, which marked an increase over the 1.9% rise in Q4.

Exports of goods and services deteriorated from a 0.8% contraction in Q4 to a 2.0% fall in Q1. In addition, imports accelerated to a 10.8% expansion (Q4: +3.8% yoy).

A quarter-on-quarter comparison corroborates the slowdown suggested by the annual data; the economy contracted 0.4% over the previous quarter in seasonally-adjusted terms, which contrasted the revised 1.6% expansion recorded in Q4 (previously reported: +2.0% quarter-on-quarter).

LatinFocus 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%.


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Uruguay GDP Q1 2014

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


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