Consumption in Uruguay
Uruguay - Consumption
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).
FocusEconomics Consensus Forecast panelists see GDP growing 3.3% in 2022, which is up 0.1 percentage points from last month’s forecast. In 2023, the panel sees GDP expanding 2.6%.
Uruguay - Consumption Data
|Consumption (annual variation in %)||-0.5||0.1||4.6||1.5||0.5|
5 years of economic forecasts for more than 30 economic indicators.
Uruguay Consumption Chart
Source: Central Bank of Uruguay and FocusEconomics calculations.
|Exchange Rate||37.33||0.24 %||Jan 01|
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May 12, 2022
Industrial output expanded 5.5% compared to the same month a year earlier in March, which followed February’s 11.5% increase. Meanwhile, annual average industrial production growth rose to 14.5% in January (December: +14.3%), signaling an improving trend in the industrial sector.
May 5, 2022
Consumer prices increased 0.49% from the previous month in April, below the 1.11% increase recorded in March.
April 8, 2022
At its 8 April meeting, the Monetary Policy Committee of the Central Bank of Uruguay hiked its monetary policy rate by 125 basis points to 8.50%.
April 5, 2022
Consumer prices rose 1.11% over the previous month in March, weaker than February's 1.47% jump.
March 23, 2022
The economy expanded 5.9% year-on-year in the fourth quarter, after having increased 6.2% in the third quarter of last year.