Uruguay Economic Outlook
June 11, 2019The economy is expected to have decelerated further in the first quarter, after annual growth fell to a near three-year low in Q4 2018 on slumping consumption and investment activity. Amid rising unemployment, elevated inflation and a gradually depreciating peso, private consumption appears to have remained sluggish in Q1. On the external front, metrics were also gloomy: Merchandise exports contracted in Q1 amid a still-frail regional environment and sustained fears over a global trade spat. Turning to the second quarter, incoming data has been mixed thus far: While exports of goods rebounded firmly in April, signaling a stronger external sector, an uptick in inflation and further depreciation of the peso suggest domestic demand was constrained at the beginning of Q2.
Uruguay Economic GrowthGrowth will decelerate this year, against the backdrop of a weak external environment amid downturns in Argentina and Brazil, and feeble domestic demand conditions. Stagnant real wages, a weaker peso and still-high unemployment will curb household spending growth. Meanwhile, fiscal consolidation will be a priority for the next administration. Met the why particular analysts see growth at 1.2% in 2019, which is unchanged from last month’s forecast, and 2.0% in 2020.
Uruguay Economy Data
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|Exchange Rate||35.31||0.24 %||Jun 13|
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Uruguay Economic News
June 5, 2019
Consumer prices rose 0.4% from a month earlier in May, unchanged from April’s reading.
May 13, 2019
Industrial production fell 5.5% over the same month of the previous year in March, following a milder 2.5% year-on-year drop in February and marking the worst reading so far this year.
May 3, 2019
Consumer prices rose 0.4% from a month earlier in April, moderating from the 0.6% month-on-month increase recorded in March.
April 11, 2019
Industrial production fell 2.5% over the same month of the previous year in February, contrasting a 1.3% year-on-year rise in January.
April 4, 2019
Consumer prices rose 0.6% from a month earlier in March, moderating from February’s 1.0% month-on-month increase.