Analysis by Region - Emerging Markets - Uruguay
We've cut our 2024 GDP growth forecast for Uruguay by 0.1ppt to 2.9% to reflect Q1 activity that surprised on the downside. Exports supported a 0.5% y/y GDP expansion in Q1 2024, 0.5ppts below our forecast and 1ppt below consensus. Household consumption disappointed despite real wages recovering 4% y/y, but we expect a rebound from Q2. We forecast 2.8% growth in 2025.
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