Macroeconomic Forecast Uruguay

Gross external debt in Uruguay rose to US$15.53bn in Q112, up 3.4% from the end of 2011, when total foreign obligations came in at a revised US$15.02bn. The rise in the headline figure masks constrasting trends in public and private debt: while central government debt rose 10.2% y-o-y in Q112, private sector borrowings fell by -46.4% y-o-y. We forecast gross external debt rising to US$17.4bn by end 2012, stabilising at US$17.3bn in 2013.

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