Current Account in Uruguay
Uruguay - Current Account
After the economy remained below its pre-pandemic level last year, growth likely picked up in Q1. Booming agricultural commodity prices led annual export growth to average 35.1% in the quarter. Private consumption probably weathered the Omicron wave well thanks to the country having one of the world’s highest vaccination rates. This said, rising commodity prices increased inflation, limiting spending. Turning to Q2, momentum is being boosted by the relaxation of Covid-19 restrictions in April. In the same month, the government announced tax cuts and increases in public sector pensions and wages to ease rising cost of living pressures. These measures should support consumption but will also widen the fiscal deficit. That said, continued fiscal consolidation is a priority on President Luis Alberto Lacalle Pou’s 2022 policy agenda.
Uruguay - Current Account Data
|Current Account (% of GDP)||-0.9||-0.1||0.7||0.1||0.7|
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||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.