MercoPress. South Atlantic News Agency

Uruguay's economy unchanged since second quarter of 2022

Uruguay's GDP grew by 3.7% interannually in the third quarter of 2022

Uruguay's Central Bank (BCU) Thursday issued a report showing the country's economy for the third trimester of 2022 “remained at similar levels to those of the second quarter of the year.”

Although the Gross Domestic Product (GDP) grew by 3.7% interannually, it remained at the same level when compared to the second quarter of the year, the latest National Accounts report from the BCU showed.

The activities with the highest growth during the third quarter of this year were commerce, accommodation, and food and beverage supply (10.8%), the survey showed, followed by increases in Professional Activities and Leasing (9.3%), Construction (8.4%), and Transportation and Warehousing, Information and Communications (7.2 %).

But agriculture, fishing, and mining recorded a significant drop (-7.4 %), as did manufacturing industries (-2.8 %), and Public Administration Activities (-1.3 %).

The volume of exports grew by 18.95%, but imports also increased by 18.8%.

When evaluating the expenditure component, final consumption expenditure (consumption) showed an increase (4.7 %) which contrasted with the fall in gross capital formation (investment) (-3.9 %).

The government of President Luis Lacalle Pou raised its GDP growth forecast to 4.8 % in June from 3.8 % in February. Uruguay's economy expanded by 4.4 % in 2021, leaving behind the 6 % drop reported as an effect of the pandemic-generated crisis in 2020, when a historic cycle of 17 years of consecutive growth came to an end.