Skyline at night in Uruguay

Uruguay Imports

Uruguay Imports

Imports in Uruguay

The economy of Uruguay recorded an average growth rate of 1.8% in imports over the decade to 2022. In 2022, the imports growth was 12.5%. For more imports information, visit our dedicated page.

Uruguay Imports Chart

Note: This chart displays Imports (G&S, ann. var. %) for Uruguay from 2013 to 2022.
Source: Central Bank of Uruguay.

Uruguay Imports Data

2018 2019 2020 2021 2022
Imports (G&S, ann. var. %) 0.6 1.3 -12.2 18.2 12.5

Economy contracts at a slower rate in Q3

GDP slid at a milder pace of 0.2% year on year in the third quarter, above the 2.5% contraction tallied in the second quarter. On a seasonally adjusted quarter-on-quarter basis, GDP rebounded, expanding 1.0% in Q3, contrasting the previous quarter's 1.4% fall.

The annual improvement chiefly reflected public spending growth, which accelerated to a five-quarter high of 2.7% year on year from 1.8% in Q2. That said, annual private consumption increased at a slower pace of 3.4% in Q3 compared to a 4.5% expansion in Q2. Moreover, fixed investment contracted 11.3% in Q3 (Q2: -5.0% yoy), marking the worst reading since Q4 2018. Domestic demand likely benefited from lower average inflation in Q3, which fell to the lowest since Q3 2005, preventing a steeper private consumption deceleration, as still-elevated interest rates capped its overall improvement. On the external front, exports of goods and services plunged at the steepest rate in over two years, contracting 9.2% in the third quarter (Q2: -6.9% yoy). In addition, imports of goods and services growth moderated to 5.0% in Q3 (Q2: +7.9% yoy).

Our Consensus is for the economy to return to growth year-on-year in Q4, but tally only a moderate increase in 2023 as a whole.

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Uruguayan imports projections for the next ten years from a panel of 10 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable imports forecast available for Uruguayan imports.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Uruguayan imports projections.

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