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This 2013 Article IV Consultation highlights that growth in Uruguay has moderated to a more sustainable pace since 2012, mostly owing to weaker external demand. Real GDP growth is projected at 4 percent in 2013 and 3.5 percent in 2014. Fiscal policy loosened in 2012 and is set to remain slightly expansionary in 2013. Annual inflation, at 9 percent in September, remains outside the current target range. The Uruguayan peso appreciated against the backdrop of swelling capital inflows in the year to May 2013. The outlook for the Uruguayan economy is solid, but risks and challenges remain.
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