Weekly Report - 14 July 2011 (WR-11-28)

URUGUAY | Fine fettle. The economy grew strongly in the first half of 2011, expanding by 6.8% compared with the same period last year. The economy minister, Fernando Lorenzo, raised the GDP growth forecast for this year to 6% from a previous forecast of 4.5% thanks to strong domestic demand. Inflation, Lorenzo said, is the main macroeconomic challenge facing Uruguay, although he predicted that increasing prices should slow in the coming months. Memorably described recently by President José Mujcia as “a soapy eel”, inflation continues to creep upwards, reaching 4.71% for the first six months of the year. Lorenzo lifted the inflation forecast for 2011 from 6% to 7.8%.

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