On 18 June, the Central Bank of Uruguay (BCU) presented its Quarterly Report on National Accounts, corresponding to January-March 2019. According to the report, the Uruguayan economy completed four consecutive quarters without growth. In the first quarter of the year, Uruguayan economic activity decreased by 0.2% in year-on-year terms. The Gross Domestic Product (GDP) seasonally adjusted remained at the same levels as in the immediately previous quarter. Also, the exports, in the first quarter of 2019, showed a fall of 6% compared to the same quarter of the previous year; meanwhile the imports decreased 7.9%. The sector of “Commerce, restaurants and hotels” was the one that showed a greater fall of 6.9% against the first quarter of 2018, mainly affected by the lower reception of tourists in the season. According to analysts, these factors increase the risk that the economy will go into recession.