Analysis by Region - Emerging Markets - Uruguay
We trimmed our 2025 GDP growth forecast for Uruguay by 0.1ppts to 2.5%, following an estimated 3.1% expansion this year. The national accounts update for Q3 GDP matched our forecast of 0.7% q/q. But dynamics in demand-side components, along with revisions to historical data, suggest softer momentum. This is particularly evident in fixed investment, where we expect a slower rebound after a contraction this year. That said, we anticipate domestic demand will be the key growth driver next year, with an expected increase of 4.3%.
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