The Uruguayan economy expanded 2.3% in January-March over the previous quarter, which has elevated forecasts for the twelve months of 2011 to a floor of 6.5%. However the Uruguayan government is concerned that consumption again expanded at a higher rate than GDP.
The construction of Uruguay’s second pulp mill, which includes a power plant and port facilities have been authorized following the approval of the Montes del Plata environment policies.
Venezuelan billionaire Gustavo Cisneros is setting up joint ventures with Chinese banks to carry out investment in Latin American commodities industries.
The US current account deficit rose 6.3% to $119.3bn in the first three months of the year, the Commerce Department has said. Strong exports of cars, computers and machinery were offset by imports, particularly of more expensive oil.
Banco do Brasil, Latin America’s biggest bank by assets, is considering buying lenders in Colombia, Peru and Chile to attract corporate clients and increase business with Brazilian companies in the region. Last month the bank announced the reopening of its branch in Montevideo, Uruguay.
Brazilian Finance Minister Guido Mantega said Wednesday that his country's default risk had become lower than that of the United States.
Inflation in Argentina reached 0.7% in May compared to the volume reported in the previous month, the Indec national statistics bureau announced on Wednesday. The official rate is less than half what was presented on Tuesday by opposition lawmakers, which they assured reached 1.5% and 23% in the last twelve months.
Argentina attracted 40% of all Chinese investments in the region in the last twelve months (June 2010/May 2011) and prospects remain “optimistic” reveals a report from Deloitte.
Major economies, with the exception of the United States, are losing momentum as the outlook for growth worsens in European and developing countries, the OECD's leading indicator for April showed on Wednesday.
Argentina’s industrial output rose 7.9% on the year in April and was down 0.2% on the month, the country's manufacturers association, UIA, said in a statement. In the first four months of the year industrial output was 9.2% higher than the same period in 2010.