Uruguayan economy grows 4.9% in 2022

The Uruguayan economy grew 4.9 percent in 2022 versus the previous year. However, it observed a decline in the result of the last quarter, the Central Bank of Uruguay (BCU) reported yesterday, Thursday.

The annual result was partly linked to the “recovery of activities” that in 2021 “were still affected” by the pandemic, according to the BCU’s National Accounts Report.

Between October and December, the Gross Domestic Product (GDP) fell 1.3 percent compared to the previous quarter and 0.1 percent compared to the same quarter of 2021.

From the production perspective, growth was observed in most sectors, with “Health, Education, and Real Estate Activities” (5.6 percent) and “Trade, Accommodation, Food, and Beverage Supply” (10.4 percent) standing out for their impact.

Increases followed this in “Transportation and Warehousing, Information and Communications” (9.7), “Construction” (7.0), and “Professional Activities and Leasing” (6.2).

On the other hand, there were setbacks in “Agriculture, Fishing and Mining” (-2.9) and “Public Administration Activities” (-1.1), while Manufacturing Industry had a neutral incidence (0.1).

Final Consumption Expenditure showed an increase (5.0) similar to that of Gross Capital Formation (investment) (5.2).

Considering the volume, exports registered an increase of 11.1 percent and imports of 12.5 percent.

The government of President Luis Lacalle Pou expected growth of close to 5 percent by 2022.

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