Highlights of Uruguay

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Highlights 2008Despite its severity, the effects of the world economic crisis on the Uruguayan economy were felt only at the end of 2008 and were limited to certain areas. As a result, economic activity rose at a record level of nearly 11%.

Although export prices experienced significant declines, exports reached new historical highs and domestic consumption continued to rise. The Uruguayan financial system continued to receive deposits from both residents and non-residents, showing the confidence in the system in the context of a global financial crisis. A favorable business environment was also seen in investment flows, with a significant number of projects promoted by the State and major cash inflows received via foreign direct investment.

The year’s least favorable economic indicator was inflation (that was impacted by the rise in commodity and food prices worldwide) and public accounts (that were affected by high costs due to the energy crisis in the year).

 
 
 
 
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