Analysis by Region - Emerging Markets - Uruguay

Analysis by Region - Emerging Markets - Uruguay

We've cut our 2024 GDP growth forecast for Uruguay by 0.1ppt to 2.9% to reflect Q1 activity that surprised on the downside. Exports supported a 0.5% y/y GDP expansion in Q1 2024, 0.5ppts below our forecast and 1ppt below consensus. Household consumption disappointed despite real wages recovering 4% y/y, but we expect a rebound from Q2. We forecast 2.8% growth in 2025.

Uruguay: Consumption to drive recovery after Q1 disappointed
Forecast overview
Recent developments
Short-term outlook
Key drivers of our short-term forecast
Economic risk
Economic risk evaluation
Economic development
Structure of the economy

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