Uruguay: Staff Report for the 2014 Article IV Consultation

International Monetary Fund

No 2015/081, IMF Staff Country Reports from International Monetary Fund

Abstract: This 2014 Article IV Consultation highlights that the Uruguayan economy continues to decelerate gradually. Real GDP growth is estimated to have softened to a still robust 3.25 percent in 2014 from 4.5 percent in 2013, mostly reflecting the moderation in domestic demand growth amid a less favorable external environment. Weak economic conditions abroad have continued to weigh on Uruguay’s current account, particularly on the services side. Economic activity is projected to decelerate further but remain solid. The pass-through of lower global oil prices to end-user prices will be gradual, as part of the windfall from lower oil prices will initially be used to shore up the operating balance of the state-owned petroleum enterprise.

Keywords: ISCR; CR; financial asset; central bank; foreign currency; exchange rate; Uruguay; consumer price inflation; monetary policy stance; impact mitigating investment Project financing; above-target inflation; nonfinancial product; Board of executive directors; Uruguayan peso; carbon study; Public sector; Fiscal stance; Inflation; Global (search for similar items in EconPapers)
Pages: 67
Date: 2015-03-26
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