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This letter analyzes and compares the performance of full-duplex relaying (FDR) and half-duplex relaying (HDR) for ultra-reliable short-packet communications. Specifically, we derive both approximate and asymptotic closed-form expressions of the block error rate (BLER) for FDR and HDR using short packets with finite blocklength codes. We define and attain a closed-form expression of a critical BLER, which can be used to efficiently determine the optimal duplex mode for ultra-reliable low latency communication scenarios. Our results unveil that FDR is more appealing to the system with relatively lower transmit power constraint, less stringent BLER requirement and stronger loop interference suppression.

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