Uruguay Economic Outlook. First half 2019

Uruguay is focused on elections, with necessary structural reforms taking a back seat.

Key points

• Key points:
• Uruguay will grow 0.8% this year due to poor consumption performance and stagnant investment.
• The consolidation of the fiscal balance will become a key issue in the agenda of the next administration.
• The Uruguayan peso’s accelerated depreciation since the end of 1Q19, led us to raise our exchange rate forecast to $ 36.2 per dollar for Dec-19 (previously $ 35.6/USD).

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