Uruguay”s GDP to Rise in 2011

Montevideo, May 25 (Prensa Latina) Predictions for the increase of Gross Domestic Product (GDP) of Uruguay in 2011 will exceed the initial estimates, said Minister of Economy and Finance, Fernando Lorenzo.

Lorenzo said the primary estimates pointed to an increase of 4.5 per cent at the end of the year, but new studies show the possibility of achieving six per cent growth.

In 2010 the Ministry forecasted 6.5 per cent over the period, but the country attained 8.5 growth, Lawrence recalled.

The ministry also plans a slight increase in the fiscal deficit, and this parameter is expected to close at 1.6 percent above what was planned.

Lorenzo said that this increase is due to the decrease in the surplus of public enterprises as a result of drought and rising oil costs, and the increase of retirees in the National Health Fund.

Lorenzo said that on June 30 the ministry will report to Parliament, and predicted greater austerity in public spending for the second half of the year, because Parliament does not provide budget increases.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s