The economy of Uruguay grew 0.9 percent year-on-year in the third quarter of 2019, after stalling in the previous period. It was the strongest growth rate in a year, boosted by manufacturing (2.7 percent from -1.8 percent in Q2); and other activities (1 percent vs 0.1 percent). Also, construction output shrank 3.6 percent, less than a 4.7 percent contraction in the prior quarter. On the other hand, a slowdown was recorded in transport, storage and communications (3.5 percent from 5 percent); and utilities (1.2 percent from 3.8 percent). Also, agriculture, livestock, hunting and forestry activities shrank 8 percent, after expanding 1.2 percent in the second quarter of the year; while trade, repair, restaurant and hotels stalled, following a 2.6 percent contraction. On a seasonally adjusted quarterly basis, the economy grew 0.6 percent. GDP Annual Growth Rate in Uruguay averaged 2.56 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. source: Banco Central del Uruguay
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 1.10 in 12 months time. In the long-term, the Uruguay GDP Annual Growth Rate is projected to trend around 2.80 percent in 2020, according to our econometric models.
Uruguay GDP Annual Growth Rate
The biggest sector of Uruguay´s economy is services. Financing, real estate, business, public and personal services, education and health; trade, repairs, restaurants and hotels and transport, communication and warehousing account for 55 percent of the GDP. Industry and mining create 26 percent of the wealth and construction and water, electricity and gas distribution 12 percent. Agriculture, hunting, forestry and fishing account for the remaining 7 percent of GDP.