The economy of Uruguay grew 0.1 percent year-on-year in the second quarter of 2019, following an upwardly revised 0.3 percent contraction in the previous period. Agriculture, livestock, hunting and forestry activities expanded 0.9 percent, after shrinking 0.5 percent in the first three months of the year. Also, output increased further in transport & communications (5.5 percent vs 5.1 percent in Q1); and financial intermediation services (3.4 percent vs 3 percent). Additionally, output shrank less in manufacturing (-1.9 percent vs -2.6 percent); and trade, repairs, restaurants & hotels (-2.6 percent vs -5.9 percent). Meanwhile, the construction sector contracted 4.7 percent, faster than a 3.5 percent decline in the prior quarter and utilities output growth slowed (3.5 percent vs 12.5 percent). On a quarterly basis, the economy advanced 0.3 percent, rebounding from a 0.1 percent contraction in the first quarter of 2019. GDP Annual Growth Rate in Uruguay averaged 2.58 percent from 1998 until 2019, reaching an all time high of 10.50 percent in the second quarter of 2010 and a record low of -9.30 percent in the third quarter of 2002.
GDP Annual Growth Rate in Uruguay is expected to be 0.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Uruguay to stand at 2.00 in 12 months time. In the long-term, the Uruguay GDP Annual Growth Rate is projected to trend around 3.30 percent in 2020, according to our econometric models.