Investor Presentaiton
2
Improvement in public finances since 2020 based on a strong
commitment to fiscal discipline; the primary fiscal deficit has
widened moderately in 2023 – mostly explained by an increase in
public infrastructure investment and cyclically softer tax revenues.
Central Government's fiscal balance
(In % of GDP)
-1
-3
2017
2018
2019
2020
2021
2022
Jun 2023*
-5
Interest payments
Primary balance
-5.8
Overall balance
-7
-4.1
-3.2
-3.9
Central Government
overall deficit is
budgeted at 3.2% of
GDP in 2023, given
projected real GDP
growth of 1.3%.
Source: Ministry of Economy and Finance of Uruguay and Central Bank of Uruguay, based on the Rendición de Cuentas 2022, submitted to Congress by end-June, 2023. Does not Include
extraordinary inflows to the Social Security Trust Fund.
(*) Last 12 months. Based on nominal GDP projection for the 12-month period ended June 2023.
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