Investor Presentaiton
2
...meeting all three pillars of the Central Government's fiscal
rule for the third year in a row, underpinning fiscal credibility.
Indicative target on structural
fiscal balance, to account for
business cycle fluctuations
and one-off/temporary
spending and revenue items.
Structural balance
(In % of GDP)
Indicative target cap on real
growth in primary expenditure
in line with estimated potential
real GDP growth
Primary spending (1)
(Annual real variation, in %)
Legally binding maximum level
of annual net indebtedness in
dollar amount.
Net indebtedness
(USD mm)
-1
-2
-3
-4
3
Real primary spending growth
Indicative target
4,000
Net Indebtedness
Legal limit
3,500
2.3
2.3
3,113
2.1
2
3,000
1.6
2,990
2,563
-2.4
-2.7
-2.6
1
0.6
-3.2
2,000
1,000
2,100
-4.4
-5
-4.4
Structural balance
Indicative target
-6
-1
2020
2021
2022*
2020
2021
2022
2020
2021
2022**
(**) Preliminary.
Source: Ministry of Economy and Finance of Uruguay.
(1) Potental real GDP growth rate was revised as of February, 2022, from 2.3% to 2.1% (i.e. the indicative target for real primary spending growth is 2.1%).
(*) Based on GDP projection for 2022.
1,813
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