GDP in Uruguay
Uruguay - GDP
Economy stagnates in Q3 as regional turmoil bites
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). Despite marginal improvements across the domestic economy, increased regional uncertainty and a crisis-stricken Argentine economy weighed down the external sector.
On the external front, a poor soybean harvest and tepid demand out of Argentina each took a toll on foreign trade. Exports plummeted 10.4% from a year earlier (Q2: -7.5% yoy) despite a depreciation of the peso. On the other hand, imports lost momentum and grew 3.3% year-on-year (Q2: +5.0% yoy).
Domestically, fixed investment contracted (Q3: -0.4% yoy; Q2: +3.0% yoy) as both private- and public-sector capital spending tuned out. Government consumption, on the other hand, eased to 0.7% growth from 1.5% a quarter earlier. Meanwhile, private consumption grew 2.7% year-on-year in the third quarter (Q2: +2.6% yoy) amid weaker inflation.
On a quarter-on-quarter basis, the economy stagnated and experienced essentially no growth in seasonally-adjusted terms (Q2: +0.1% quarter-on-quarter s.a.)
Uruguay GDP Forecast
Panelists participating in the LatinFocus Consensus Forecast expect growth of 1.9% in 2019, which is down 0.1 percentage points from last month’s forecast, and 2.6% in 2020.
Uruguay - GDP Data
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, annual variation in %) | 4.6 | 3.2 | 0.4 | 1.5 | 2.7 |
Uruguay GDP Chart
Source: Central Bank of Uruguay and FocusEconomics calculations.
Uruguay Facts
| Value | Change | Date | |
|---|---|---|---|
| Exchange Rate | 32.61 | 0.24 % | Feb 14 |
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Economic News
Uruguay: Industrial output swings to contraction in December
February 11, 2019
Industrial production contracted 8.8% on an annual basis in December, compared to a modest 1.7% increase recorded in November.
Uruguay: Inflation falls in January
February 5, 2019
Consumer prices rose 2.2% from a month earlier in January, compared to December’s 0.4% month-on-month drop and marking the highest reading in 12 months.
Uruguay: Industrial output growth runs out of steam in November
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.
Uruguay: Inflation broadly stable in December
January 4, 2019
Consumer prices fell 0.4% from a month earlier in December, swinging from November’s 0.4% month-on-month rise.
Uruguay: Central Bank lowers M1+ target again in December
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.
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