Macroeconomic Forecast Uruguay

Headline industrial production growth in Uruguay started to pick up on a year-on-year basis in February, with the rate climbing 3.6%, up from 0.3% in January. On a three-month moving average basis (to smooth out volatility), Uruguayan industrial production posted positive year-on-year growth for the second month running at 2.2%, following a full year of negative growth throughout 2009 (on a three-month moving average basis). We are revising up our average 2010 industrial production growth forecast to 3.4% from 1.2% previously, though we leave our end-2010 forecast unchanged at 2.4%, factoring in base

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