Uruguay

Economic activity continued to grow at a good pace in 1998. The increase in output was close to 4.5%, bringing the cumulative total for the past three years to 15%. Growth during the first half of the year resulted from expansion in all components of total demand. This was followed by a weakening in exports and consumption, which actually fell in the third quarter; however, growth in overall output received a further boost when the sustained expansion of fixed investment was reinforced by a considerable increase in stocks owing to a surge in agricultural supply. The terms of trade were very favourable for Uruguay, as the sharp drop in international oil prices more than made up for the slight fall in export prices, and national income rose by almost 6.5%. Accelerated activity pushed up labour demand by more than the increase in supply, helping to bring down unemployment by 1.5 points, to about 10%.

Sustainable Development Goals:

Decent Work and Economic Growth

Industry, Innovation and Infrastructure

Peace, Justice and Strong Institutions