GDP in Uruguay
Uruguay - GDP
Decline in GDP softens somewhat in Q1
GDP fell at a slightly milder pace of 2.8% year-on-year in the first quarter, following the 2.9% contraction seen in Q4 2020.
Q1’s reading largely came on the back of a pickup in fixed investment, which expanded 14.5% on an annual basis, following Q4’s 11.8% rise. Moreover, public expenditure rebounded, growing 4.6% after contracting 5.7% in Q4, while the decline in private consumption moderated to 4.2% from 5.0% in the previous quarter.
On the external front, exports of goods and services contracted at a somewhat softer rate of 13.3% year-on-year in Q1 (Q4 2020: -13.5% yoy). In addition, imports of goods and services fell at a milder pace of 4.7% in Q1 (Q4 2020: -7.2% yoy).
Commenting on the near-term outlook for the Uruguayan economy, Diego W. Pereira and Lucila Barbeito, analysts at JPMorgan, reflected:
“We assume the meager activity performance is to linger into Q2 2021 […]. Of note, the country has experienced the worst of the pandemic in the second quarter of the year, as illustrated by the plunge in mobility observed in April. That suggests additional erosion to commerce and other services than the one observed in Q1 2021, despite tourism-related sectors playing less of a role than in the first quarter of the year. That said, we expect net exports to start contributing positively, in part offsetting the domestic demand blues.”
FocusEconomics Consensus Forecast panelists see GDP growing 2.9% in 2021, which is down 0.1 percentage points from last month’s forecast. In 2022, the panel sees GDP expanding 3.1%.
Uruguay - GDP Data
|Economic Growth (GDP, annual variation in %)||0.4||1.7||2.6||1.6||0.2|
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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August 11, 2021
Industrial manufacturing output grew 19.8% in year-on-year terms in June, which was down from May's 22.9% increase.
August 11, 2021
At its 11 August meeting, the Monetary Policy Committee of the Central Bank of Uruguay decided to raise the monetary policy rate by 50 basis points to 5.00%.
August 4, 2021
Consumer prices rose 0.52% from the previous month in July, moderating from June's 0.67% increase.
July 12, 2021
Industrial output grew 22.9% in year-on-year terms in May, which followed April's 24.5% increase.
July 6, 2021
At its 6 July meeting, the Monetary Policy Committee of the Central Bank of Uruguay unanimously voted to keep the monetary policy rate unchanged at 4.50%.