Uruguay cuts 2009 growth target to 2 percent
MONTEVIDEO, April 20 |
MONTEVIDEO, April 20 (Reuters) - Uruguay's government cut its forecast for economic growth this year to 2 percent from 3 percent previously, due partly to the impact of the global crisis, the economy minister said on Monday.
"We're expecting a fall in GDP in the first quarter, a stable second quarter and growth in the third and fourth quarters ... which gives us a forecast for 2 percent growth in 2009," Economy Minister Alvaro Garcia told a news conference broadcast by local radio.
Last month, the deputy economy minister predicted the government would reduce its 2009 growth target.
A central bank poll of analysts foresees 1.46 percent growth in gross domestic product this year.
Uruguay's agriculture-based economy expanded by 8.9 percent in 2008 in its sixth straight year of growth, but its farming sector has been hard hit by drought in recent months. (Reporting by Conrado Hornos; Writing by Hilary Burke, Editing by Chizu Nomiyama)
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