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Activity grew strongly in 4Q23 (0.6% q/q), despite the fall in most investment components. The improvement in activity is entirely attributable to the increase in employment, as productivity fell. All in all, GDP grew by 2.5% in 2023, slightly exceeding expectations.

The economy slowed down in 3Q23 (to 0.3% quarter-on-quarter) due to sluggish external demand and despite the good performance of most domestic demand. The advance in activity occurred in a context marked by a marginal increase in both hours worked and productivity per hour.

La economía creció el 0,2% t/t mostrando una composición atípica de la demanda en la que las principales partidas cayeron con fuerza y se dio un intenso proceso de sustitución de importaciones. En este contexto, las horas trabajadas disminuyero…

Uruguay has reduced its trade openness in recent years, which was boosted in 2020 by the irruption of the Covid-19, causing a substantial drop in external demand, which will explain much of the fall in Uruguay's GDP to 4.1% this year.

After Portuguese GDP grew at an average rate of 2 .1% YoY during 2018, BBVA Research forecasts that its growth rate will moderate to around 1.5% in 2019. This scenario is in a context of a slowing global economy, particularly in Europe. Even so…

The balance of payment registered a surplus of 4.267 millions of euros in May, which, on the positive side, was explained by tourism and the lower energetic deficit. The financing account registered a net capital outflow of 35.273 millions of euros after excluding the Bank of Spain. This occurred due to a rise in outward i…

The balance of payments registered a 2671 million of euro superavit, which can be explained through the positive balance in tourism and a lower energetic deficit. Good exports recovered dynamism at the start of 2T16, while imports fell back (2,0% and -2,0% MoM cvec). The fall in investment flows resulted in an influx of cap…