Uruguay's gross domestic product expanded 8.3 percent year-on-year in the first quarter of 2022, accelerating from a 5.9 percent growth in the previous period. It was the the highest growth in economic activity since second quarter of 2021, underpinned by the partial normalization of tourism activity, external demand and some large construction projects. Household consumption grew at a faster pace (4.5 percent vs 2.8 percent in Q4); while the gross fixed capital formation rose slightly (2.1 percent vs 2 percent).In contrast, government expenditure softened (0.8 percent vs 1 percent). Regarding net external demand, exports grew at a slower 5.8 percent (vs 6.1 percent in Q4) while imports fell at a softer pace (-3.7 percent vs -5.7 percent). On a seasonally adjusted quarterly basis, the economy advanced 0.6 percent, easing sharply from a 2 percent gain in the previous quarter. source: Banco Central del Uruguay
GDP Annual Growth Rate in Uruguay averaged 2.24 percent from 1998 until 2022, reaching an all time high of 10.50 percent in the second quarter of 2010 and a record low of -13.60 percent in the second quarter of 2020. This page provides the latest reported value for - Uruguay GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Uruguay GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2022.
GDP Annual Growth Rate in Uruguay is expected to be 3.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Uruguay GDP Annual Growth Rate is projected to trend around 2.50 percent in 2023 and 1.50 percent in 2024, according to our econometric models.