GDP in Uruguay
Uruguay - GDP
Economic growth accelerates in Q3 but remains subdued
The economy rose 0.9% year-on-year in the third quarter, following a flat reading in the second quarter. Meanwhile, in quarter-on-quarter, seasonally-adjusted terms, GDP rose 0.6% in Q3, following Q2’s 0.3% expansion and marking the best result in one year and a half .
The third-quarter upturn was chiefly driven by the external sector’s improved performance. Growth in exports of goods and services accelerated notably in Q3 (Q3: +9.3% year-on-year; Q2: +3.5% yoy), marking the fastest increase since Q2 2013, on the back of soaring exports of primary products, especially soybeans. Meanwhile, imports of goods and services rebounded in Q3, although at a soft pace overall (Q3: +1.6% yoy; Q2: -0.3% yoy).
Meanwhile, domestic demand contracted, although the drop was due to a large reduction of stocks of finished agricultural products, especially soybeans. Fixed investment ticked up (Q3: +0.8% yoy; Q2: -4.1% yoy), led by higher private sector fixed investment, while slumping public sector investment activity—especially in public infrastructure—limited the extent of the rebound. On top of that, private consumption bounced back in the third quarter (Q3: +1.3% yoy; Q2: -0.1% yoy) thanks to some improvement in the labor market and despite still-high inflation and a falling peso. Lastly, public spending growth was flat in the quarter (Q2: +0.4% yoy) as the government strived to keep public finances under control.
LatinFocus Consensus Forecast analysts see GDP expanding 1.6% in 2020, which is unchanged from last month’s forecast, and 1.8% in 2021.
Uruguay - GDP Data
|Economic Growth (GDP, annual variation in %)||3.2||0.4||1.7||2.6||1.6|
5 years of economic forecasts for more than 30 economic indicators.
Uruguay GDP Chart
Source: Central Bank of Uruguay and FocusEconomics calculations.
|Exchange Rate||37.33||0.24 %||Jan 01|
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February 12, 2020
Industrial production expanded 3.8% in annual terms in December, contrasting November’s 1.8% drop.
February 6, 2020
Consumer prices surged 2.1% a month earlier in January, following a flat reading in the last month of 2019.
January 14, 2020
Consumer prices were flat from a month earlier in December, down from November’s 0.4% increase.
January 13, 2020
Industrial production dropped 1.8% in annual terms in November, a softer contraction than October’s 7.9% plunge.
December 26, 2019
At its 26 December monetary policy meeting, the Central Bank of Uruguay lowered its target for the growth rate of the M1+ money supply in Q1 2020 to 6.0%–8.0%, from the previous quarter’s target of 7.0%–9.0%.