Macroeconomic Forecast Uruguay

June 2008 | Macroeconomic Forecasts

Uruguay's fiscal dynamics have seen a gradual improvement over recent years, with the nominal fiscal deficit narrowing from 4.9% of GDP in 2002, to just 1.8% of GDP in 2007. We expect this long-term trend to continue going forward, and currently forecast a deficit of just 0.9% of GDP this year, and see the shortfall dropping to below 0.8% of GDP in 2009. To be sure, Uruguay's year-to-date nominal public sector balance remained in surplus in April (at US$2.0bn), although this was slightly below the US$6.0bn seen during the same period last year.

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