Investor Presentaiton
-2
O
3 Fiscal rule in 2021 has aimed to continue consolidating
structural public finances
Headline and Structural Balance (1)
Primary Spending
Net Indebtedness in 2021
(In % of GDP)
(Annual real variation, in %)
(US$ mm, projections)
-3
-3.2
-4
Headline
-5
-4.9
Structural
-6
2020 2021 2022 2023 2024 2025
-2
ώ
-4
-1
3
2.3
(1) Gross Borrowing
4,779
(Bonds + Loans)
2
Fiscal rule cap: 2,3%
1
(2) Amortizations
(Bonds + Loans)
2,033
2020 2021 2022 2023 2024 2025
(3) Accumulated Financial
Assets
13
-
Net Indebtedness
- (1) (2) (3)
2,732
The target for the structural fiscal
balance in 2021 was set at -3.2%
The cap for real expenditure
growth was set at 2.3% for 2021
Legal limit on net indebtedness in 2021:
US$ 2,990 (US$ 2,300 million + 30%
safeguard clause invoked)
Source: Ministry of Economy and Finance of Uruguay.
(1) The Structural Balance is the fiscal balance that accounts for business cycle fluctuations and one-off/temporary spending and revenue items. The potential real economic growth means the
growth rate calculated the output of the economy that implies the entire use of productive factors, both labor and capital.
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