Uruguay

Following four years of recession (1999-2002) when the country was badly hit by external shocks and domestic factors, in 2003 GDP grew by 2.5%. This performance far exceeded the expectations formed at the start of the year (-2%) and was mainly driven by a 4.1% expansion in exports. Domestic demand increased by just 1.6% owing to changes in inventories (mainly of agricultural products undergoing processing), while consumption remained depressed (- 1.1 %) and fixed investment dropped by 11.4% (the ratio of gross domestic fixed investment to GDP came to 13% at the end of 2003). The reactivation was made possible by the existence of idle installed capacity. Although it was up by 1.9%, per capita GDP (measured in local currency at constant prices) was 18% below its 1998 peak.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions