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Uruguay Economy to Grow 2.6%

Uruguay Economy to Grow 2.6% Uruguay Economy to Grow 2.6%

Uruguay’s economy will grow 2.6% in 2018, led by investment and exports, and completion of a third cellulose processing plant in the country will be a key factor in this growth, BBVA Research Argentina chief economist Gloria Sorensen said Thursday, Business News Americas reported. Finland’s UPM is expected to move ahead with construction of a new cellulose plant in Uruguay, the second built by the company and the third in the South American country. The plant, Sorensen said, will be “much bigger” than the two older facilities and “would add more than one percentage point to the economy’s growth.” Uruguay’s gross domestic product is expected to expand 1.3% this year as a result of improving confidence at the end of 2016 along with a strengthening currency, low inflation and improved purchasing power, Sorensen said. “We expect this trend to continue the rest of the year with a relative improvement of real wages and expanding credit leading to a 1.3% GDP increase,” the BBVA economist said.

 

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