Uruguayan Analysts Project 3.3% Economic Growth in 2024

Uruguayan economists have adjusted their growth expectations for 2024 to 3.3%, slightly lower than the previous forecast of 3.35%. The Central Bank of Uruguay’s recent Survey of Expectations reveals a mix of caution and optimism among financial experts.

The economic forecasts for 2024 vary, with the most conservative estimate anticipating a 2.8% GDP increase, while the most optimistic scenario predicts growth up to 3.9%. This reflects Uruguay’s complex economic landscape, influenced by both internal challenges and global trends.

Despite facing obstacles like drought and the completion of major construction projects, Uruguay saw a small uptick of 0.6% in its economic pulse in early 2024, following a 0.4% rise in 2023.

President Luis Lacalle Pou’s government aims to achieve growth rates above 3.0% to stimulate the economy. Looking ahead to 2025, the forecast projects a GDP growth of 2.55%, indicating a positive trend from previous predictions.

Moreover, inflation forecasts point to a 5.5% rate for 2024, with a slight increase expected in July. The downward trajectory of inflation, reaching its lowest point since 2005, suggests stability and control in the economy.