Macroeconomic Forecast Uruguay

BMI View: Uruguay's current account balance deteriorated markedly in 2008, posting a deficit of 1.8% of GDP. The country's quarterly current account deficit continued to widen in Q411, reaching US$330mn, amid declining exports and rising imports. The deterioration in the country's current account was sharper than we expected, and might prompt us to revise our 2012 current account forecast, which currently projects a deficit of 0.3% of GDP.

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