Economic growth slows in the fourth quarter of 2025

GDP expands at slowest rate since early 2023: Uruguay's GDP increased 0.1% in annual terms in Q4, following a downwardly revised 1.0% expansion in the previous quarter. Q4's reading was the weakest since Q2 2023. On a seasonally adjusted quarter-on-quarter basis, economic output expanded 0.1% in Q4, following a 0.4% contraction in the prior quarter. In 2025 overall, GDP grew by 1.8%, surpassing the prior 10 years’ average.

Drivers: Relative to the previous quarter's data, the readings for private consumption (+1.9% in annual terms vs +2.3% in Q3) and exports of goods and services (-1.9% vs +5.2% in Q3) worsened in Q4. In contrast, readings picked up for government consumption (+2.2% vs +1.2% in Q3), fixed investment (-0.9% vs -1.4% in Q3) and imports of goods and services (+5.1% vs +4.6% in Q3).

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