Uruguay’s GDP Soared 13 Percent in Nine Months

Uruguay’s Gross Domestic Product grew 13 percent in the first nine months of 2004 compared to the first three quarters of last year.

The country’s latest quarterly report indicates the Uruguayan economy took a solid 2.8 percent increase in the third quarter of the ongoing year.

The report also points to farming (up 11.3 percent), industries (25.1 percent), trade (22.7 percent) and transportation (11.8 percent) as the highlights of the country’s fast-paced growth.

The good outcomes reaped by the agricultural sector, stemming from an increasingly bigger demand of crops and other industrial items on the one hand, and the visible rekindling of the domestic market on the other, are some of the key players in Uruguay’s 2004 GDP spike.

Industrial activity got a mighty shot in the arm as domestic demand rebounded and export volumes shot up. Such sectors as foodstuffs, beverages and cigars, coupled with metals, machinery and heavy equipment, bore the brunt of this year’s economic recovery for the South American nation.

Building was up 9.1 percent in the first three quarters of 2004, with major booms in both public and private constructions all across the country.

Trade, restaurants and hotels combined for an eye-popping 22.7 percent hike. Restaurants, bars and hotels fared better this year as tourism got a new lease on life.

According to preliminary estimates made by local economists, the current growth pace of the Uruguayan economy puts the nation in an excellent position to finish in double digits by the end of the year.