Uruguay Economy Hurt By Drought
16 June 2009 The economy of the South American country of Uruguay has shrank 2.9% in the first quarter, compared with fourth quarter 2008, mostly due to a severe drought which compounded the impact of a global economic downturn, reports Reuters. Months of dry weather created a 1.8% drop in agricultural activity.
In April, Uruguay’s government cut its 2009 economic growth forecast to 2% from the previously estimated 3%, a major decline from last year’s 8.9%.
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