Current Account in Uruguay
Uruguay - Current AccountA comprehensive GDP release confirmed that economic turmoil in Argentina took a bite out of growth in the third quarter of 2018. Against the backdrop of plummeting exports due to faltering Argentine demand and the poor soybean harvest, the third-quarter expansion was the weakest so far last year. Meanwhile, domestic demand metrics were more robust. An improvement in household consumption was somewhat offset by a dip in fixed investment as investors grew more risk averse amid sustained economic uncertainty in the region. Available data for the fourth quarter paints a mixed picture. Inflationary pressures moderated in Q4 and, coupled with a more stable peso and lower unemployment, likely propped up private consumption growth. However, on the external front, exports continued to contract in October and November, with tourism revenue likely down markedly in Q4 due to a strong appreciation of the Uruguayan peso against its Argentine counterpart in real terms.
Uruguay - Current Account Data
|Current Account (% of GDP)||-3.4||-3.1||-0.8||0.8||1.5|
5 years of economic forecasts for more than 30 economic indicators.
Uruguay Current Account Chart
Source: Central Bank of Uruguay and FocusEconomics calculations.
|Exchange Rate||32.66||0.24 %||Jan 16|
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January 11, 2019
Industrial production decelerated on an annual basis in November, increasing 1.7% when accounting for refinery output, down markedly from a 19.5% jump recorded in October.
January 4, 2019
Consumer prices fell 0.4% from a month earlier in December, swinging from November’s 0.4% month-on-month rise.
December 27, 2018
At its 27 December monetary policy meeting, the Central Bank of Uruguay set its target for the growth rate of the M1+ money supply for the first quarter of 2019 to 6.0%–8.0%, down from the previous quarter’s 7.0%–9.0% target.
December 13, 2018
A comprehensive breakdown by the Central Bank of Uruguay showed that the economy decelerated to 2.1% year-on-year in the third quarter, down from the second quarter’s revised 2.6% outturn (previously reported: +2.5% year-on-year).
December 12, 2018
Industrial production accelerated on an annual basis in October, growing 19.5% when accounting for refinery output (September: +16.1% year-on-year).