Uruguay's gross domestic product shrank 2.9 percent year-on-year in the fourth quarter of 2020, after a downwardly revised 5.8 percent contraction in the previous period. This was the fifth straight quarter of contraction in the GDP, but the smallest decline in three quarters, amid the ongoing pandemic crisis. Decreases were reported in commerce, accommodation and supply of food and beverages (-8.4 percent vs -9.8 percent in Q3); health, education, real estate and other activities (-6.0 percent vs -6.1 percent); manufacturing (-2.6 percent vs -4.0 percent) and transportation & storage, information & communication (-0.8 percent vs -5.9 percent). By contrast, activity grew faster in agriculture, fisheries and mining (7.8 percent vs 3.1 percent), while construction activities rebounded sharply (7.5 percent vs -3.2 percent). For 2020 full year, the economy contracted by 5.9 percent, reversing from a 0.4 percent growth in 2019. source: Banco Central del Uruguay
GDP Annual Growth Rate in Uruguay averaged 2.09 percent from 1998 until 2020, reaching an all time high of 10.50 percent in the second quarter of 2010 and a record low of -12.50 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 April of 2021.
GDP Annual Growth Rate in Uruguay is expected to be 1.00 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 3.40 in 12 months time. In the long-term, the Uruguay GDP Annual Growth Rate is projected to trend around 3.10 percent in 2022 and 2.50 percent in 2023, according to our econometric models.