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Analysis by Region - Emerging Markets - Uruguay

Publisher Oxford Economics
Published Dec 23, 2025
Length 8 Pages
SKU # OFE20686064

Description

We've cut our 2026 GDP growth outlook for Uruguay by 0.2ppts to 1.9%, after a 2.1% expansion this year. Monthly indicators point to a slowdown heading into next year, which will compound the impact of an expected weaker external sector. After goods exports reached record highs this year, we expect a downward correction, with exports declining by 1.1% y/y. Meanwhile, consumption-driven import momentum will likely persist, with imports growing around 3% y/y.

Table of Contents

8 Pages
Uruguay: External dynamics to curb domestic demand growth
Forecast overview
Recent developments
Short-term growth outlook
Key drivers of our short-term forecast
Economic risk
Economic risk evaluation
Long-term prospects
Alternative long-run scenarios
Background
Economic development
Structure of the economy
Politics

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