GDP in Uruguay

Uruguay GDP | Economic News & Forecasts

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

2015   2016   2017   2018   2019  
Economic Growth (GDP, annual variation in %)0.4  1.7  2.6  1.6  0.2  

Sample Report

5 years of economic forecasts for more than 30 economic indicators.

Download

Uruguay GDP Chart


Uruguay GDP
Note: Annual variation of gross domestic product (GDP) in %.
Source: Central Bank of Uruguay and FocusEconomics calculations.

Uruguay Facts

Value Change Date
Exchange Rate37.330.24 %Jan 01

Sample Report

Get a sample report showing our regional, country and commodities data and analysis.

Download

Request a Trial

Start working with the reports used by the world’s major financial institutions, multinational enterprises & government agencies now. Click on the button below to get started.

Sign Up

Economic News

Search form