The Uruguayan economy continued its path of recovery in the fourth quarter of last yearrebounded and registered an expansion of 4.4% in 2021, after the harsh shock caused by the pandemic the previous year when activity contracted 5.9%.
According to the National Accounts report released this Wednesday by the Central Bank of Uruguay (BCU), the Gross Domestic Product (GDP) grew 5.9% compared to the fourth quarter of 2020 and 2% compared to the immediately preceding quarter of 2021 (July September), that is, in seasonally adjusted terms.
In addition, in the fourth quarter the GDP was 2.9% above its value for the same quarter of 2019 prior to the arrival of the pandemic
From the perspective of production, there was a general growth in all activities, with the commerce and accommodation (+7) and manufacturing industries (+6.7%) sectors standing out for their incidence.
For its part, consumer spending grew 2.3% and exports of goods and services 14.4%.
BCU
The data was in line with the forecast (upward) that the Ministry of Economy had (4.5%). Analysts and agents who had responded to the last BCU Expectations Survey had a forecast of a GDP expansion of 4.25% for the Uruguayan economy, according to the median of the responses. The most optimistic agent expected growth of 4.6% in February, while the most pessimistic set a rate of 3.6%.
For this year
In February, the MEF raised from 3.1% to 3.8% its forecast for for the economy in 2022. Associated with this data, it is estimated that some 40,000 jobs will be created in the annual average. Analysts and private agents, meanwhile, forecast that the GDP will grow six tenths of a point less than that forecast (3.3%).
developing note
