LatinNews Daily - 22 September 2020

* Uruguay’s central bank (BCU) has published new figures for the second quarter of 2020, according to which the country’s GDP shrank by 10.6% compared with the same period in 2019. As expected, almost all sectors registered steep drops in activity in the context of the coronavirus (Covid-19) pandemic, with the exception of transport, storage, and communications. However, the government remains hopeful of an efficient return to growth. Speaking at the country’s main agricultural, industrial, and commercial show, Expo Prado, on 15 September, Economy Minister Azucena Arbeleche said the government was hoping to see a ‘V-shaped' recovery, meaning the rebound is as steep as the decline. Uruguay has already seen early indications of this in Q3, Arbeleche added, noting that car sales had almost entirely recovered. She also said that there had been signs of revival in fuel sales, the industrial manufacturing sector, and revenue from the country’s tax authority (DGI). In the draft national budget submitted to congress on 14 September, the economy ministry forecast that GDP will contract by 3.5% in 2020, before recovering to increase by 4.3% in 2021.

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