Uruguay's economy shrank 9 percent quarter-on-quarter in the three months to June 2020, following a 1.6 percent drop in the previous period. It was the second quarterly contraction and the sharpest on record, officially entering a recession amid the coronavirus pandemic.

GDP Growth Rate in Uruguay averaged 0.54 percent from 1997 until 2020, reaching an all time high of 9.60 percent in the second quarter of 1997 and a record low of -9 percent in the second quarter of 2020. This page provides the latest reported value for - Uruguay GDP Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Uruguay GDP Growth Rate - values, historical data and charts - was last updated on October of 2020.

GDP Growth Rate in Uruguay is expected to be 0.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Uruguay to stand at 0.80 in 12 months time. In the long-term, the Uruguay GDP Growth Rate is projected to trend around 0.70 percent in 2021 and 1.10 percent in 2022, according to our econometric models.

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Uruguay GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-9.00 -1.60 9.60 -9.00 1997 - 2020 percent Quarterly


Uruguay GDP Growth Rate
In the last decade, Uruguay has been one of the fastest growing economies in Latin America. After the 2002 crisis, the country has returned to high growth rates, expanding on average 1.3 percent from 2005 to 2012 on a quarter over quarter basis. Uruguay has an export-oriented agricultural sector. Shipments of meat, vegetables, rice and dairy products account for 52 percent of total exports. Nevertheless, in order to keep the current pace of growth the country needs to diversify its economy and reduce the debt burden.