Uruguay’s Economy Shows Strong Growth in Q2 2024
In a positive turn of events, Uruguay’s economy grew by 3.8% in the second quarter of 2024 compared to the same period last year, exceeding expectations and showcasing resilience. The Central Bank reported significant contributions from various sectors.
Agriculture, fishing, and mining saw a remarkable 22.6% increase, while the energy sector experienced a 30.4% growth in electricity, gas, and water production. Tourism and hospitality also played a key role in the growth, with sectors like commerce and food services seeing a 4.5% uptick.
However, manufacturing and professional activities saw minor declines, and investment fell by 15%. Nonetheless, trade balance improved as exports surged by 14.4% while imports decreased by 4.3%, contributing positively to overall economic growth.
Despite the impressive performance, President Luis Lacalle Pou’s administration remains cautious, lowering the growth projection for 2024. As Uruguay continues to navigate global economic challenges, sustaining this growth will be crucial in the upcoming months.
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