The economy of Uruguay shrank 0.2 percent year-on-year in the first quarter of 2019, following a 0.6 percent expansion in the previous period. It was the first contraction since the last quarter of 2015, as output shrank in primary activity (-0.1 percent vs 8 percent in Q4) and other activities (-0.4 percent vs 0.3 percent). Also, output declined further in trade and restaurants & hotels (-6.9 percent vs -6 percent) and construction (-3 percent vs -1.8 percent). Additionally, growth slowed in transport, storage & communications (5.3 percent vs 8.6 percent); and utilities (21.1 percent vs 21.7 percent). Meanwhile, manufacturing activity contracted 2.5 percent, after shrinking 4.1 percent in the last quarter of 2018. On a quarterly basis, the economy stalled, following an upwardly revised 0.2 percent contraction in the prior period. GDP Annual Growth Rate in Uruguay averaged 2.61 percent from 1998 until 2019, reaching an all time high of 10.50 percent in the second quarter of 2010 and a record low of -9.30 percent in the third quarter of 2002.
GDP Annual Growth Rate in Uruguay is expected to be 0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Uruguay to stand at 1.80 in 12 months time. In the long-term, the Uruguay GDP Annual Growth Rate is projected to trend around 3.30 percent in 2020, according to our econometric models.