Key Facts
—The number. Uruguay’s fixed investment fell to 15.1% of GDP in the first quarter of 2026, its lowest in the post-pandemic cycle.
—The fall. Total gross capital formation dropped 6.4% from a year earlier, with fixed investment alone down 3.1%.
—The paradox. It happened while the economy grew 0.9% year-on-year, consumption rose 2.9% and employment neared record highs.
—The cause. The drop traces to the end of the UPM 2 pulp mill and Ferrocarril Central rail works, plus weak corporate profitability.
