Uruguayan experts raise forecast for economic growth in 2022 to 5%

Uruguayan analysts in September raised their forecast for economic growth in 2022 to 5 percent from 4.73 percent the previous month.

This is according to the average expectations survey published by the Central Bank (BCU).

The survey polls economists and financial institutions showed an increase in the gross domestic product (GDP) of 4.23 percent as the most pessimistic response and 5.75 percent as the most optimistic.

The Uruguayan economy grew 7.7 percent in the second quarter of the year compared to the same period in 2021, supported by soybean exports and the normalization of sanitary conditions, the BCU reported on Sept. 16.

The government of President Luis Lacalle Pou raised its GDP growth forecast to 4.8 percent in June from 3.8 percent in February.

Meanwhile, analysts forecast inflation of 8.90 percent in 2022 and 0.50 percent in September, according to the BCU survey average.

Inflation increased by 9.53% in the mobile year that ended in August, above the official target range (3-7%).