Economic overview Uruguay, in 36 editions.

The economy is slowly recovering from the deep recession of 1981-84. the early 1980s. In 1986 1988 real GDP grew by 6.6% only 0.5% and in 1987 1989 by 4.9%. 1.5%. The recovery was led by growth in the agriculture and fishing sectors, agriculture alone contributing 20% to GDP, employing about 11% of the labor force, and generating a large proportion of export earnings. Raising livestock, particularly cattle and sheep, is the major agricultural activity. In 1988, 1990, despite healthy exports and an improved current account, domestic growth slowed remained weak because of government concentration on the external sector, adverse weather conditions, and prolonged strikes. High inflation rates of about 80%, Bringing down high inflation, reducing a large domestic debt, fiscal deficit, and avoiding frequent strikes remain major economic problems for the government.

The economy is slowly recovering from the deep recession of the early 1980s.
In 1988 real GDP grew by only 0.5% and in 1989 by 1.5%. The recovery was led
by growth in the agriculture and fishing sectors, agriculture alone
contributing 20% to GDP, employing about 11% of the labor force, and
generating a large proportion of export earnings. Raising livestock,
particularly cattle and sheep, is the major agricultural activity. In 1990, despite healthy exports and an improved current account, 1991,
domestic growth remained weak because of improved somewhat over 1990, but various government factors,
including concentration on the external sector, adverse weather conditions,
and prolonged strikes. Bringing greater attention to bringing down high inflation, inflation and reducing a large the fiscal deficit, and avoiding frequent strikes remain
deficit kept output from expanding rapidly. In a major step toward greater
regional economic problems for cooperation, Uruguay joined Brazil, Argentina, and
Paraguay in forming the government. Southern Cone Common Market (Mercosur). President
LACALLE continues to press ahead with a broad economic reform plan to reduce
state intervention in the economy, but he faces strong opposition.

Uruguay is a small economy with favorable climate, good soils, and solid
solid hydropower potential. Economic development has been held back by excessive
excessive government regulation of economic detail and 50% to 130%
inflation. After
several years of sluggish growth, real GDP jumped by
about 8% 7.5% in 1992. The
rise is attributable mainly to an increase in
Argentine demand for Uruguayan
exports, particularly agricultural
products and electricity. In a major step
toward greater regional
economic cooperation, Uruguay in 1991 had joined
Brazil, Argentina,
and Paraguay in forming the Southern Cone Common Market
(Mercosur). A
referendum in December 1992 overturned key portions of
landmark
privatization legislation, dealing a serious blow to President
LACALLE's broad economic reform plan. Hampered by a slowdown in the
agricultural sector, the economy grew at only 2% in 1993 compared with
7.5% in 1992. Although inflation declined for the second consecutive
year, a surge in the money supply, rising food prices, a record trade
deficit, and an increase in the government deficit toward the end of
the year foreshadowed troubles ahead in 1994.

Uruguay's small economy benefits from a
favorable
climate for agriculture and substantial hydropower
potential. Economic
development has been restrained in recent years
by high - though
declining - inflation and extensive government
regulation. The
SANGUINETTI government's conservative monetary and
fiscal policies are
aimed at continuing to reduce inflation,
currently at 35.4%; 24.3% at yearend 1996;
other priorities include extensive reform of the
social security
system and increased investment in education.
Uruguay went into recession during second quarter 1995 and ended the
year with an estimated 2% fall in GDP and a two percentage point recovered from
rise recession in unemployment to 11%. This was 1996 - partly due to Argentina's
recession and the slowdown in Brazilian growth in 1995, which
contributed to declines recovery in the Uruguayan manufacturing,
construction, Argentina - and service sectors. However, despite its Mercosur
(Southern Cone Common Market) partners' troubles, ended the year with a nearly 5% rise in GDP. Uruguayan trade continued
expanded to expand and the potential for new markets are being explored continued to open through
Mercosur the negotiations of Mercosur (Southern Cone Common Market) with
neighboring countries and the European
Union (EU). Uruguay also recently augmented its transport and
agricultural sector ties with the US. The economy is
expected to continue growing at a healthy rate in 1997 along with
come out of recession as other regional growth prospects improve. economies.

Uruguay's small economy benefits from a favorable
climate for agriculture and substantial hydropower potential. Economic
development has been restrained in recent years by high - though high-though
declining - inflation declining-inflation and extensive government regulation. The
SANGUINETTI government's conservative monetary and fiscal policies are
aimed at continuing to reduce inflation, at 24.3% at yearend 1996;
inflation; other priorities include
extensive reform of the social security
system and increased
investment in education. Uruguay recovered from
recession in 1996 - partly due Economic performance remains sensitive to the recovery
conditions in Argentina - and Brazil, largely because more than half of
ended the year Uruguay's trade is conducted with a nearly 5% rise its partners in GDP. Uruguayan trade continued
to expand and the potential for new markets continued to open through
the negotiations of Mercosur (Southern (the
Southern Cone Common Market) with
neighboring countries and the European Union (EU). The economy is
expected to continue growing at a healthy rate in 1997 along with
other regional economies. Market).

Uruguay's small economy benefits from a favorable
favorable climate for agriculture and substantial hydropower potential. Economic
development has been restrained in recent years by high-though
declining-inflation and extensive government regulation. production. The
SANGUINETTI government's conservative monetary and
fiscal policies are
aimed at continuing to reduce reducing inflation; other priorities
include moving toward a more market-oriented economy, completing
extensive reform of the social security system system, and increased
increasing investment in
education. Economic performance remains sensitive to
conditions in
Argentina and Brazil, largely because more than half of
Uruguay's
trade is conducted with its partners in Mercosur (the
Southern Cone
Common Market).

Uruguay's economy is characterized by an export-oriented agricultural sector, a well-educated workforce, relatively even income distribution, and high levels of social spending. After averaging growth of 5% annually in 1996-98, in 1999 1999-2000 the economy suffered from lower demand in Argentina and Brazil, which together account for about half of Uruguay's exports. Despite the severity of the trade shocks and ensuing recession, shocks, Uruguay's financial indicators remained more stable than those of its neighbors, a reflection of its solid reputation among investors and its investment-grade sovereign bond rating - one of only two in Latin America. Challenges for the government of incoming President Jorge BATLLE include expanding Uruguay's trade ties beyond its Mercosur MERCOSUR trade partners and bolstering Uruguay's competitiveness by increasing labor market flexibility and reducing the costs of public services. Growth should recover GDP fell by 1.1% in 2000, to 2000 and will grow by perhaps 3%. 1.5% in 2001.

Uruguay's economy is characterized by an export-oriented agricultural sector, a well-educated workforce, relatively even income distribution, and high levels of social spending. After averaging growth of 5% annually in 1996-98, in 1999-2000 1999-2001 the economy suffered from lower demand in Argentina and Brazil, which together account for about nearly half of Uruguay's exports. Despite the severity of the trade shocks, Uruguay's financial indicators remained more stable than those of its neighbors, a reflection of its solid reputation among investors and its investment-grade sovereign bond rating - one of only two in Latin South America. Challenges for the government of President Jorge BATLLE include reducing the budget deficit, expanding Uruguay's trade ties beyond its MERCOSUR Mercosur trade partners partners, and reducing the costs of public services. GDP fell by 1.1% 1.3% in 2000 and will grow by perhaps 1.5% in 2001.

Uruguay's economy is characterized by an export-oriented agricultural sector, a well-educated workforce, and high levels of social spending. After averaging growth of 5% annually in during 1996-98, in 1999-2001 1999-2002 the economy suffered a major downturn, stemming largely from lower demand in Argentina and Brazil, which together account for nearly half of Uruguay's exports. Despite the severity of Total GDP in these four years dropped by nearly 20%, with 2002 the trade shocks, Uruguay's financial indicators remained more stable than those of its neighbors, a reflection of its solid reputation among investors and its investment-grade sovereign bond rating - one of only two worst year. Unemployment rose to nearly 20% in South America. Challenges for 2002, inflation surged, and the government burden of President Jorge BATLLE include reducing external debt doubled. Cooperation with the budget deficit, expanding Uruguay's trade ties beyond its Mercosur trade partners, IMF and reducing the costs of public services. GDP fell by 1.3% in 2000 US has limited the damage, which is still extensive. Moves to reschedule debt and by 1.5% promote economic recovery may help limit a further decline in 2001. output in 2003.

Uruguay's well-to-do economy is characterized by an export-oriented agricultural sector, a well-educated workforce, and high levels of social spending. After averaging growth of 5% annually during 1996-98, in 1999-2002 the economy suffered a major downturn, stemming largely from lower demand in the spillover effects of the economic problems of its large neighbors, Argentina and Brazil, which together account for nearly half Brazil. For instance, in 2001-02 massive withdrawals by Argentina of Uruguay's exports. dollars deposited in Uruguayan banks led to a plunge in the Uruguyan peso and a massive rise in unemployment. Total GDP in these four years dropped by nearly 20%, with 2002 the worst year. year due to the serious banking crisis. Unemployment rose to nearly 20% in 2002, inflation surged, and the burden of external debt doubled. Cooperation with the IMF and the US has limited the damage, damage. The debt swap with private creditors carried out in 2003, which extended the maturity dates on nearly half of Uruguay's $11.3 billion in public debt, substantially alleviated the country's amortization burden in the coming years and restored public confidence. The economy is still extensive. Moves expected to reschedule debt and promote economic recovery may help limit resume growth in 2004 (perhaps 4% or more) as a further decline result of high commodity prices for Uruguayan exports, the weakness of the dollar against the euro, growth in output the region, low international interest rates, and greater export competitiveness. On the negative side, in 2003. December 2003 the electorate voted to repeal the law permitting a cautious liberalization of the energy industry.

Uruguay's well-to-do economy is characterized by an export-oriented agricultural sector, a well-educated workforce, and high levels of social spending. After averaging growth of 5% annually during 1996-98, in 1999-2002 the economy suffered a major downturn, stemming largely from the spillover effects of the economic problems of its large neighbors, Argentina and Brazil. For instance, in 2001-02 massive withdrawals by Argentina of dollars deposited in Uruguayan banks led to a plunge in the Uruguyan peso and a massive rise in unemployment. Total GDP in these four years dropped by nearly 20%, with 2002 the worst year due to the serious banking crisis. Unemployment rose to nearly 20% in 2002, inflation surged, and the burden of external debt doubled. Cooperation with the IMF and the US has limited the damage. The debt swap with private creditors carried out in 2003, which extended the maturity dates on nearly half of Uruguay's $11.3 billion in public debt, substantially alleviated the country's amortization burden in the coming years and restored public confidence. The economy is expected to resume growth grew about 10% in 2004 (perhaps 4% or more) as a result of high commodity prices for Uruguayan exports, the weakness of the dollar against the euro, growth in the region, low international interest rates, and greater export competitiveness. On the negative side, in December 2003 the electorate voted to repeal the law permitting a cautious liberalization of the energy industry.

Uruguay's well-to-do economy is characterized by an export-oriented agricultural sector, a well-educated workforce, work force, and high levels of social spending. After averaging growth of 5% annually during 1996-98, in 1999-2002 the economy suffered a major downturn, stemming largely from the spillover effects of the economic problems of its large neighbors, Argentina and Brazil. For instance, in 2001-02 Argentina made massive withdrawals by Argentina of dollars deposited in Uruguayan banks banks, which led to a plunge in the Uruguyan Uruguayan peso and a massive rise in unemployment. Total GDP in these four years dropped by nearly 20%, with 2002 the worst year due to the serious banking crisis. Unemployment The unemployment rate rose to nearly 20% in 2002, inflation surged, and the burden of external debt doubled. Cooperation with the IMF limited helped stem the damage. The A debt swap with private private-sector creditors carried out in 2003, which 2003 extended the maturity dates on nearly half of Uruguay's then $11.3 billion in of public debt, substantially alleviated the country's amortization burden in the coming years debt and restored helped restore public confidence. The economy grew about 10% in 2004 as a result of high commodity prices for Uruguayan exports, the weakness of the dollar against the euro, a competitive peso, growth in the region, and low international interest rates, and greater export competitiveness. but slowed to 6.1% in 2005.

Uruguay's well-to-do economy is characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. After averaging growth of 5% annually during 1996-98, in 1999-2002 the economy suffered a major downturn, stemming largely from the spillover effects of the economic problems of its large neighbors, Argentina and Brazil. For instance, in 2001-02 Argentina made massive withdrawals of dollars deposited in Uruguayan banks, which led to a plunge in the Uruguayan peso and a massive rise in unemployment. Total GDP in these four years dropped by nearly 20%, with 2002 the worst year due to the banking crisis. The unemployment rate rose to nearly 20% in 2002, inflation surged, and the burden of external debt doubled. Cooperation with the IMF helped stem the damage. A debt swap with private-sector creditors in 2003 extended the maturity dates on nearly half of Uruguay's then $11.3 billion of public debt and helped restore public confidence. The economy grew about 10% 12% in 2004 as a result of high commodity prices for Uruguayan exports, a competitive peso, growth in the region, and low international interest rates, but slowed and it continued to 6.1% grow nearly 7% annually in 2005. 2005 and 2006.

Uruguay's well-to-do economy is characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. After averaging growth of 5% annually during 1996-98, in 1999-2002 the economy suffered a major downturn, stemming largely from the spillover effects of the economic problems of its large neighbors, Argentina and Brazil. For instance, in 2001-02 Argentina made massive withdrawals of dollars deposited in Uruguayan banks, which led to a plunge in the Uruguayan peso and a massive rise in unemployment. Total GDP in these four years dropped by nearly 20%, with 2002 the worst year due to the banking crisis. The unemployment rate rose to nearly 20% in 2002, inflation surged, and the burden of external debt doubled. Cooperation with the IMF helped stem the damage. A Uruguay in 2007 improved its debt swap with private-sector creditors profile by paying off $1.1 billion in 2003 extended IMF debt, and continues to follow the maturity dates on nearly half orthodox economic plan set by the Fund in 2005. The construction of a pulp mill in Fray Bentos, which represents the largest foreign direct investment in Uruguay's then $11.3 billion of public debt history at $1.2 billion, came online in November 2007 and helped restore public confidence. is expected to add 1.6% to GDP and boost already rising exports. The economy grew about 12% in has grown strongly since 2004 as a result of high commodity prices for Uruguayan exports, a competitive strong peso, growth in the region, and low international interest rates, and it continued to grow nearly 7% annually in 2005 and 2006. rates.

Uruguay's economy is characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. After averaging growth of 5% annually during 1996-98, in 1999-2002 the economy suffered a major downturn, stemming largely from the spillover effects of the economic problems of its large neighbors, Argentina and Brazil. For instance, in 2001-02 Argentina In 2001-02, Argentine citizens made massive withdrawals of dollars deposited in Uruguayan banks, banks after bank deposits in Argentina were frozen, which led to a plunge in the Uruguayan peso peso, a banking crisis, and a massive rise in unemployment. Total sharp economic contraction. Real GDP fell in these four years dropped by nearly 20%, with 2002 the worst year due to the banking crisis. year. The unemployment rate rose to nearly 20% in 2002, rose, inflation surged, and the burden of external debt doubled. Cooperation with Financial assistance from the IMF helped stem the damage. Uruguay in 2007 improved restructured its external debt profile by paying off $1.1 billion in IMF debt, and continues 2003 without asking creditors to follow the orthodox economic plan set by the Fund in 2005. The construction of accept a pulp mill in Fray Bentos, which represents reduction on the largest foreign direct investment in Uruguay's history at $1.2 billion, came online in November 2007 and is expected to add 1.6% to GDP and boost already rising exports. The economy has grown strongly since 2004 as a result of high commodity prices for Uruguayan exports, a strong peso, principal. Economic growth in the region, for Uruguay resumed, and low international interest rates. averaged 8% annually during the period 2004-08.

Uruguay's economy is characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. After averaging growth of 5% annually during 1996-98, in 1999-2002 the economy suffered a major downturn, stemming largely from the spillover effects of the economic problems of its large neighbors, Argentina and Brazil. In 2001-02, Argentine citizens made massive withdrawals of dollars deposited in Uruguayan banks after bank deposits in Argentina were frozen, which led to a plunge in the Uruguayan peso, a banking crisis, and a sharp economic contraction. Real GDP fell in four years by nearly 20%, with 2002 the worst year. The unemployment rate rose, inflation surged, and the burden of external debt doubled. Financial assistance from the IMF helped stem the damage. Uruguay restructured its external debt in 2003 without asking creditors to accept a reduction on the principal. Economic growth for Uruguay resumed, and averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.9% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment, and GDP growth exceeded 7% in 2010.

Uruguay's economy is characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. After averaging growth of 5% annually during 1996-98, in 1999-2002 the economy suffered a major downturn, stemming largely from the spillover effects of the economic problems of its large neighbors, Argentina and Brazil. In 2001-02, Argentine citizens made massive withdrawals of dollars deposited in Uruguayan banks after bank deposits in Argentina were frozen, which led to a plunge Following financial difficulties in the Uruguayan peso, a banking crisis, late 1990s and a sharp early 2000s, economic contraction. Real GDP fell in four years by nearly 20%, with 2002 the worst year. The unemployment rate rose, inflation surged, and the burden of external debt doubled. Financial assistance from the IMF helped stem the damage. Uruguay restructured its external debt in 2003 without asking creditors to accept a reduction on the principal. Economic growth for Uruguay resumed, and averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.9% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment, and GDP growth exceeded 7% 8% in 2010.

Uruguay's Uruguay has a free market economy is characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. Following financial difficulties in the late 1990s and early 2000s, economic growth for Uruguay averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.9% 2.6% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment, and GDP growth exceeded 8% reached 8.9% in 2010. 2010 but fell about 3.5% in 2012, the result of a renewed slowdown in the global economy and in Uruguay's main trade partners and Common Market of the South (Mercosur) counterparts, Argentina and Brazil. Uruguay has sought to expand trade within Mercosur and with non-Mercosur members. Uruguay's total merchandise trade with Mercosur since 2006 has increased by nearly 70% to more than $5 billion while its total trade with the world has almost doubled to roughly $20 billion.

Uruguay has a free market economy characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. Following financial difficulties in the late 1990s and early 2000s, economic growth for Uruguay averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment, and GDP growth reached 8.9% in 2010 but fell to about 3.5% in 2012, the result of a renewed slowdown in the global economy and in Uruguay's main trade partners and Common Market of the South (Mercosur) counterparts, Argentina and Brazil. Uruguay has sought to expand trade within Mercosur and with non-Mercosur members. Uruguay's Uruguay''s total merchandise trade with Mercosur since 2006 has increased by nearly 70% to more than $5 billion while its total trade with the world has almost doubled to roughly $20 billion.

Uruguay has a free market economy characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. Following financial difficulties in the late 1990s and early 2000s, economic growth for Uruguay averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment, and GDP growth reached 8.9% in 2010 but fell to about 3.5% slowed in 2012, 2012-13, the result of a renewed slowdown in the global economy and in Uruguay's main trade partners and Common Market of the South (Mercosur) counterparts, Argentina and Brazil. Uruguay has sought to expand trade within Mercosur and with non-Mercosur members. Uruguay''s Uruguay's total merchandise trade with Mercosur since 2006 has increased by nearly 70% to more than $5 billion while its total trade with the world has almost doubled to roughly $20 billion. $23 billion in 2013.

Uruguay has a free market economy characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. Following financial difficulties in the late 1990s and early 2000s, Uruguay's economic growth for Uruguay averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment, and investment; GDP growth reached 8.9% in 2010 but slowed in 2012-13, the 2012-13 as a result of a renewed slowdown in the global economy and in Uruguay's main trade partners and Common Market of the South (Mercosur) counterparts, Argentina and Brazil. Uruguay has sought to expand trade within Mercosur and with non-Mercosur members. Uruguay's total merchandise trade with Mercosur since 2006 has increased by nearly 70% to more than $5 billion while its total trade with the world members, and President VAZQUEZ has almost doubled to roughly $23 billion in 2013. said he will maintain his predecessor’s mix of pro-market policies and a strong social safety net.

Uruguay has a free market economy characterized by an export-oriented agricultural sector, a well-educated work force, workforce, and high levels of social spending. Uruguay has sought to expand trade within the Common Market of the South (Mercosur) and with non-Mercosur members, and President VAZQUEZ has maintained his predecessor’s mix of pro-market policies and a strong social safety net.
Following financial difficulties in the late 1990s and early 2000s, Uruguay's economic growth averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment; GDP growth reached 8.9% in 2010 but slowed in 2012-13 as a result of a renewed slowdown in the global economy and in Uruguay's main trade partners and Common Market of the South (Mercosur) Mercosur counterparts, Argentina and Brazil. Uruguay has sought to expand trade within Mercosur and with non-Mercosur members, and President VAZQUEZ has said he will maintain his predecessor’s mix of pro-market policies and a strong social safety net.

Uruguay has a free market economy characterized by an export-oriented agricultural sector, a well-educated workforce, and high levels of social spending. Uruguay has sought to expand trade within the Common Market of the South (Mercosur) and with non-Mercosur members, and President VAZQUEZ has maintained his predecessor’s mix of pro-market policies and a strong social safety net.
Following financial difficulties in the late 1990s and early 2000s, Uruguay's economic growth averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment; GDP growth reached 8.9% in 2010 but slowed markedly in 2012-13 the period 2012-16 as a result of a renewed slowdown in the global economy and in Uruguay's main trade partners and Mercosur counterparts, Argentina and Brazil. Reforms in those countries should give Uruguay an economic boost.

Uruguay has a free market economy characterized by an export-oriented agricultural sector, a well-educated workforce, and high levels of social spending. Uruguay has sought to expand trade within the Common Market of the South (Mercosur) and with non-Mercosur members, and President VAZQUEZ has maintained his predecessor’s predecessor's mix of pro-market policies and a strong social safety net.
Following financial difficulties in the late 1990s and early 2000s, Uruguay's economic growth averaged 8% annually during the period 2004-08. 2004-08 period. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country managed to avoid avoided a recession and keep positive kept growth rates, rates positive, mainly through higher public expenditure and investment; GDP growth reached 8.9% in 2010 but slowed markedly in the period 2012-16 period as a result of a renewed slowdown in the global economy and in Uruguay's main trade partners and Mercosur counterparts, Argentina and Brazil. Reforms in those countries should give Uruguay an economic boost. Growth picked up in 2017.