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Uruguay GDP Q4 2021

Uruguay: GDP growth slows in Q4, but remains strong nonetheless

The economy expanded 5.9% year-on-year in the fourth quarter, after having increased 6.2% in the third quarter of last year. A fading base effect was primarily behind the slowdown, as output continued to increase swiftly in sequential terms.

Household spending growth rose to 4.5% in Q4 (Q3: +2.3% yoy), while fixed investment growth moderated to 9.8% (Q3: +19.0% yoy). Moreover, government consumption growth decelerated to 6.0% in the fourth quarter (Q3: +9.4% yoy).

On the external front, exports of goods and services rose 26.3% year-on-year in Q4 (Q3: +24.8% yoy), and imports of goods and services increased 25.5% (Q3: +28.0% yoy).

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