The economy of Uruguay shrank 1.4 percent year-on-year in the first quarter of 2020, after expanding 0.2 percent in the previous period. It was the steepest contraction since the second quarter of 2003, amid the coronavirus crisis. Output shrank in trade, restaurants & hotels (-2.9 percent vs 0.6 percent in Q4 2019); utilities (-18.3 percent vs 6.1 percent); and other activities (-2.3 percent vs 0.6 percent). Additionally, output contracted further in construction (-5.3 percent vs -1.7 percent); and agriculture, forestry & fishing (-7.7 percent vs -7.6 percent). Meanwhile, growth accelerated in transportation, storage and communications services (4.4 percent vs 2.5 percent) while manufacturing output fell less (-0.1 percent vs -2.2 percent). On a quarterly basis, the GDP contracted 1.6 percent, following an upwardly revised 0.7 percent decline in the prior period.
GDP Annual Growth Rate in Uruguay averaged 2.49 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 -9.30 percent in the third quarter of 2002. 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 August of 2020. source: Banco Central del Uruguay
GDP Annual Growth Rate in Uruguay is expected to be -5.00 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 0.70 in 12 months time. In the long-term, the Uruguay GDP Annual Growth Rate is projected to trend around 2.70 percent in 2021 and 2.20 percent in 2022, according to our econometric models.