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Fiscal deterioration

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We revised Uruguay's GDP growth downwards due to greater global uncertainty.

The worst in terms of activity growth is probably already over, but the cyclical recovery will be slow as structural factors (such as fiscal deterioration) will continue to weigh negatively. We continue to expect GDP to grow by 0.9% in 2017 after having contracted 3.8% in 2015 and 3.0% in 2016.