Coronavirus pandemic drags Uruguay’s economy in 2020
Uruguay’s economy had recorded a 5.9% contraction last year as it grappled with the coronavirus drag, the country’s central bank said on Wednesday.
In the fourth quarter of 2020, gross domestic product (GDP) declined 2.9%. This was brought about by the government’s implementation of health protocols and virus restrictions in a bid to combat the coronavirus crisis.
As Uruguay is a relatively wealthy nation, it has dealt with the pandemic better than its Latin American neighbors. However, the virus crisis still took a heavy toll on its economy, data from the central bank showed.
The decline followed after commerce, housing, health, education, real estate, and food and beverages posted weak activities. But even as the economy struggled, the country’s construction sector remains a sole bright spot.