Tag: Uruguay economy
Uruguay economyUruguay fearing inflation drastically rises basic rate 75 points to 8.75%
Uruguay’s central bank unexpectedly increased on Friday its benchmark interest rate by 75 points from 8% to 8.75%o as policy makers admit inflation, and mid term expectations remain notoriously over the target range and price stability is the main concern in “the current socio-economic context”.
Uruguay’s central bank confident about commodities’ price prospects
Uruguay’s Central bank sees “few probabilities” of a strong deceleration in emerging economies or a ‘significant’ fall in commodities prices even when lately there has been a drop in the value of grains although still above their historic average.
Achieving investment grade is “not critical” for Uruguay, says Economy minister
Achieving investment grade in the current global scenario is “not critical” for Uruguay since the country has sufficient financing and operates in world markets as “if it had a better rating than it actually has”, said Economy minister Fernando Lorenzo.
Uruguay’s second quarter slowdown surprised economic consultants’ estimates
Uruguay’s main economic consultants admitted they missed, and by quite a margin, their Uruguayan economy performance estimates for the second quarter which according to the Central bank only expanded 0.5%.
Uruguay expands record 8.5% in 2010; forecasts 6% this year
The Uruguayan economy completed in 2010 the eighth year running of expansion having recorded 8.5%, which together with 2008 and 1998 makes them the best three years of the last two decades. Uruguay managed to skip the 2009 global recession with a 2.9% expansion.
Uruguayan goods exports mainly commodities; only 2% with high tech input
An overwhelming volume of Uruguayan exports of goods in 2010, --84%-- were commodities and natural resources with some degree of manufacturing but low technological input according to the latest report from the Chamber of Industries.
Uruguay solid candidate for “investment grade” rating says JP Morgan
Uruguay is considered a solid candidate to obtain “investment grade” given its strong economic fundamentals and these same factors make the country’s bonds issued in indexed units, UI, an attractive investment, according to a report from the investment bank JP Morgan published in the Montevideo press.
IMF anticipates ‘soft-landing’ of Uruguay’s economy in next two years
The International Monetary Fund said economic growth in Uruguay will probably slow over the next two years, requiring policy makers to prepare for a “soft landing.”
Chinese credit rating agency gives Uruguay grade BB+ for local and foreign currency
A Chinese credit rating agency issued the sovereign credit ratings for Ireland and four other countries including Uruguay, assigning Ireland the BBB grade for both local currency and foreign currency with a stable outlook.
The other four countries rated are Finland, Uruguay, Kenya and Sudan.
Uruguay headed for a record year in exports; Brazil main trade partner
Uruguay’s exports jumped 23.3% during the first eleven months of 2010, anticipating a new value record for the year. Exports totalled 6.1 billion US dollars between January-November compared to 4.95 billion in the same period a year earlier and are higher than the twelve month previous record of 6.1 billion in 2008, according to Uruguay’s Exporters’ Union.
