Brazil & Southern Cone - January 2024

URUGUAY | Year ends on report of Q3 contraction. Uruguay’s central bank (BCU) released new figures on 14 December which showed that the country’s GDP contracted 0.2% year-on-year in the third quarter. This negative result was driven by contractions in the construction, and electricity, gas & water sectors, which both registered -0.4% variations. This was offset partially by 0.5% year-on-year growth in agriculture, fishing & mining, while the transport, storage, information & communications segment also posted growth of 0.3%. In quarterly terms GDP expanded 1% Q2 2023. Uruguay’s economy is expected to grow just 1% in 2023, below the regional average of 2.2% according to the latest forecasts from the United Nations Economic Commission on Latin America and the Caribbean (Eclac). However, Eclac revised its projections for 2024 to 3.2% for Uruguay in December, up from 2.6% three months earlier.

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