Uruguay: GDP hits three-year low in Q3
December 13, 2012
In the third quarter, GDP grew 3.0% over the same quarter the year before. The reading marked a deceleration compared to the 3.9% growth rate registered in the second quarter and undershot the 3.2% rise anticipated by Consensus Forecast panellists.
Total consumption expanded 5.8%, slightly up from the 5.6% increase recorded in Q2, amid faster growth in government spending (Q2: +3.5% year-on-year; Q3: +6.2% yoy), whereas private consumption remained broadly stable (Q2: +5.9% yoy; Q3: +5.7% yoy). On the other hand, fixed investment decelerated from a 16.1% rise in Q2 to an 11.4% expansion in Q3.
Meanwhile, the external sector improved over the previous quarter, as exports rebounded from a 0.1% drop in Q2 to a 5.7% rise in the third quarter, while imports accelerated to a 17.7% expansion (Q2: +13.0% yoy).
A quarter-on-quarter comparison, however, does not corroborate the moderation suggested by annual data, as the economy grew 1.2% over the previous quarter in seasonally adjusted terms, which was up from the 0.7% increase recorded in the second quarter.
Author: Armando Ciccarelli, Head of Data Solutions