MercoPress. South Atlantic News Agency

Uruguayan Central bank poll shows economy is expected to grow at slower pace

Minister Lorenzo blamed trade restrictions in the region

The Uruguayan economy is set to grow 3.57% in 2012 which is below the government’s forecast according to the latest analysts and businesspeople poll published last Friday by the central bank.

In June the forecast from a similar poll was 3.62% and in May, 4.06%. The eleven experts polled said, on average that the Uruguayan economy would expand 3.73% in 2013, which was also slightly below the 3.75% of the previous month.

The Uruguayan economy which has a strong foundation in agriculture, livestock, tourism and services expanded 4.2% in the first quarter of the year, following an annual expansion of 5.7% in 2011.

The Central bank estimates that the Uruguayan economy will be expanding at an average 4% during the next four years. Nevertheless Economy minister Fernando Lorenzo a few days back admitted that there were signs of a slowdown mainly because of trade restrictions in the region.

Unemployment in May was up 6.7% from 6.4% a year ago and 6% in April.

The experts on average estimate the Uruguayan economy will be expanding 3.5% in 2012 and 4% the following.