## Uruguay: Staff Report for the 2014 Article IV Consultation

_IMF Staff Country Reports, March 26, 2015_

## Source details

**Canonical URL:** [Uruguay: Staff Report for the 2014 Article IV Consultation](https://www.imf.org/en/publications/cr/issues/2016/12/31/uruguay-staff-report-for-the-2014-article-iv-consultation-42809)

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## Bibliographic details
- Published: March 26, 2015
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781475531671.002

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### Macroeconomic outlook and growth
- Real GDP growth is estimated to have softened to 3.25 percent in 2014 from 4.5 percent in 2013.
- The slowdown mostly reflects the moderation in domestic demand growth amid a less favorable external environment.
- Economic activity is projected to decelerate further but remain solid.

### External sector and current account
- Weak economic conditions abroad have continued to weigh on Uruguay’s current account, particularly on the services side.

### Inflation and energy price pass-through
- The pass-through of lower global oil prices to end-user prices will be gradual.
- Part of the windfall from lower oil prices will initially be used to shore up the operating balance of the state-owned petroleum enterprise.

### Fiscal and policy themes (as identified in the report)
- Subjects covered include: Currencies, Economic sectors, Expenditure, Fiscal policy, Fiscal stance, Inflation, Prices, Public debt, Public sector.
- Keywords highlighted include: above-target inflation, central bank, consumer price inflation, exchange rate, Fiscal stance, foreign currency, Inflation, monetary policy stance, Public sector, Uruguay, Uruguayan peso.

### Key publication facts
- Pages: 67
- Volume: 2015
- Issue: 081
- Series: Country Report No. 2015/081
- DOI: https://doi.org/10.5089/9781475531671.002
- ISBN: 9781475531671
- ISSN: 1934-7685

*Source: Uruguay: Staff Report for the 2014 Article IV Consultation (March 26, 2015).*

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_Source: https://www.imf.org/en/publications/cr/issues/2016/12/31/uruguay-staff-report-for-the-2014-article-iv-consultation-42809_