Central Bank of Uruguay - Annual Report 2004

After the deep fall in activity levels that took place in 2002, the Uruguayan economy started a robust recovery process in 2003, the Central Bank of Uruguay said in its Annual Report 2004.

"The Gross Domestic Product ("GDP") grew in average by 2.5% over the year, and by 15.8% on point-to-point bases (October-December, 2003 as compared to the same period in 2002). The global activity level of the economy in the last quarter of 2003 was similar to the level recorded in October-December 2001

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