RIO DE JANEIRO, BRAZIL – Uruguay’s economy contracted 5.9% in 2020, the central bank said on Wednesday, March 24th, battered by the impact of the global coronavirus crisis.
Fourth-quarter gross domestic product (GDP) tumbled 2.9%, the bank said, due primarily to restrictions implemented by health officials to contain the spread of the virus.
Uruguay, a small, relatively wealthy Latin American nation, fared well compared to many of its harder-hit neighbors, but nonetheless felt the impact of the virus throughout its economy, the data showed.
Commerce, housing and the provision of food and beverages, health, education and real estate activities all contributed to the drop. Construction was a sole bright spot, the bank said.