MercoPress. South Atlantic News Agency

Uruguayan economy steaming ahead at 7%

The Uruguayan economy registered 7% growth in the first nine months of 2006, according to the latest figures from the country's Central Bank.

The report also anticipated that the Uruguayan economy will end the current year with a minimum expansion of 6.6%, although Economy minister is forecasting "at least 7%".

In 2005 the Uruguayan GDP expanded 6.6%.

According to the Central Bank the 7% estimate is based on the strong overseas demand for the country's agriculture commodities, the consistent recovery of the domestic demand and the sustained performance of farming.

Manufacturing increased 12.6% in the first nine months of 2006; transport and communications, 12% and construction 11%. These three sectors are proving to be the most dynamic of the economy.

However the third quarter has not proved to be as vigorous as the second advancing 0.9% compared to the 3.5% of the April-June period over the January-March period.

Furthermore October's manufacturing physical volume index seems to have experienced a slight 2.8% decrease compared to the same month a year ago. And if oil refining is not included, the manufacturing index expansion drops from 12.6 to 11.2%.