Uruguay’s Economic Growth Projection for 2024 Revised to 3.35%: A Regional Comparison
Uruguayan economic analysts have adjusted their 2024 growth forecast to 3.35%, slightly lower than the initial projection of 3.49% in May. The revision was based on the Expectations Survey released by the Central Bank of Uruguay, which consulted experts and financial institutions. While some predict a more modest 2.90% increase in GDP, others are more optimistic, foreseeing a 5.00% rise.
Despite experiencing slow growth in the first quarter of 2024 due to factors like drought conditions and the completion of major projects, President Luis Lacalle Pou’s government anticipates a 3.5% growth by the end of the year. Looking ahead to 2025, analysts expect a median GDP growth of 2.50% in Uruguay, accompanied by a 5.50% inflation rate for 2024.
Comparing Uruguay with Other Latin American Economies
Among its peers, Uruguay’s economic forecast for 2024 remains competitive. Brazil, Argentina, Chile, Mexico, Colombia, Paraguay, and Peru all hold varying projections, with each country facing unique challenges and opportunities. Uruguay’s resilience and potential for economic recovery are evident, showcasing stability within the region’s economic landscape.