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The Economy of Uruguay

Uruguayan Economy

Uruguay's map

Economy - overview: Uruguay's economy is characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. After averaging growth of 5% annually during 1996-98, in 1999-2002 the economy suffered a major downturn, stemming largely from the spillover effects of the economic problems of its large neighbors, Argentina and Brazil. In 2001-02 Argentine citizens made massive withdrawals of dollars deposited in Uruguayan banks after bank deposits in Argentina were frozen, which led to a plunge in the Uruguayan peso, a banking crisis, and a sharp economic contraction. Real GDP fell in four years by nearly 20%, with 2002 the worst year. The unemployment rate rose, inflation surged, and the burden of external debt doubled. Financial assistance from the IMF helped stem the damage. Uruguay restructured its external debt in 2003 without asking creditors to accept a reduction on the principal. Economic growth for Uruguay resumed, and averaged 8% annually during the period 2004-08.

GDP:

GDP - real growth rate: 8.5% (2008 est.) 7.4% (2007 est.) 7% (2006 est.)

GDP - per capita:

GDP - composition by sector: agriculture: 9.8% industry: 32.8% services: 57.4% (2008 est.)

Population below poverty line:

Household income or consumption by percentage share: lowest 10%: 1.9% highest 10%: 34% (2003)

Distribution of family income - Gini index: 45.2 (2006)

Inflation rate (consumer prices):

Labor force: 1.641 million (2008 est.)

Labor force - by occupation: agriculture: 9% industry: 15% services: 76% (2007 est.)

Unemployment rate: 7.6% (2008 est.)

Budget: revenues: $8.204 billion expenditures: $8.526 billion (2008 est.)

Industries: food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages

Industrial production growth rate: 14.1% (2008 est.)

Electricity - production: 9.2 billion kWh (2007)

Electricity - production by source:

Electricity - consumption: 7.03 billion kWh (2007)

Electricity - exports: 995.4 million kWh (2007 est.)

Electricity - imports: 788.4 million kWh (2007 est.)

Oil - production: 935.7 bbl/day (2007 est.)

Oil - consumption: 33,400 bbl/day (2007 est.)

Oil - exports: 4,410 bbl/day (2007)

Oil - imports: 43,670 bbl/day (2007)

Oil - proved reserves: NA bbl

Natural gas - production: 0 cu m (2007 est.)

Natural gas - consumption: 102.8 million cu m (2007 est.)

Natural gas - exports: 0 cu m (2007 est.)

Natural gas - imports: 116.9 million cu m (2007)

Natural gas - proved reserves: 0 cu m (1 January 2006 est.)

Agriculture - products: rice, wheat, soybeans, barley; livestock, beef; fish; forestry

Exports: $6 billion f.o.b. (2008 est.)

Exports - commodities: meat, rice, leather products, wool, fish, dairy products

Exports - partners: Brazil 15.5%, US 9.4%, Argentina 8.4%, Mexico 6.6%, China 6.1%, Germany 4.8% (2007)

Imports: $7 billion f.o.b. (2008 est.)

Imports - commodities: crude petroleum and petroleum products, machinery, chemicals, road vehicles, paper, plastics

Imports - partners: Brazil 19.1%, Argentina 17.9%, US 9.5%, China 9.1%, Paraguay 7.7%, Nigeria 4.7% (2007)

Debt - external: $11.48 billion (31 December 2008 est.)

Economic aid - recipient:

Currency:

Currency code:

Exchange rates: Uruguayan pesos (UYU) per US dollar - 20.936 (2008 est.), 23.947 (2007), 24.048 (2006), 24.479 (2005), 28.704 (2004)

Fiscal year: