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EconomyEconomy - overview
Uruguay's economy is characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. Following financial difficulties in the late 1990s and early 2000s, economic growth for Uruguay averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment, and GDP growth reached 8.5% in 2010 and 6% in 2011. Gdp (purchasing power parity) World Ranking: 91
$51.56 billion (2011 est.)
$48.78 billion (2010 est.) $44.8 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$46.87 billion (2011 est.)
Gdp - real growth rate World Ranking: 53
5.7% (2011 est.)
8.9% (2010 est.) 2.4% (2009 est.) Gdp - per capita (ppp) World Ranking: 80
$15,300 (2011 est.)
$14,500 (2010 est.) $13,400 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 9.4%
Industry 21.7% Services 68.9% (2011 est.) Labor force World Ranking: 126
1.677 million (2011 est.)
Labor force - by occupation
Agriculture 13%
Industry 14% Services 73% (2010 est.) Unemployment rate World Ranking: 62
6% (2011 est.)
6.7% (2010 est.) Population below poverty line
18.6% of households (2010 est.) Household income or consumption by percentage share
Lowest 10% 1.9%
Highest 10% 34.4% (2010 est.) Distribution of family income - gini index World Ranking: 41
45.3 (2010)
44.8 (1999) Investment (gross fixed) World Ranking: 90
20.5% of GDP (2011 est.)
Budget
Revenues $13.63 billion
Expenditures $14 billion (2011 est.) Taxes and other revenues World Ranking: 95
29.1% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 56
-0.8% of GDP (2011 est.)
Public debt World Ranking: 54
51% of GDP (2011 est.)
59.1% of GDP (2010 est.) Note Data cover general government debt, and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions. Inflation rate (consumer prices) World Ranking: 170
8.1% (2011 est.)
6.7% (2010 est.) Central bank discount rate World Ranking: 8
20% (31 December 2010)
20% (31 December 2009 est.) Commercial bank prime lending rate World Ranking: 83
9.78% (31 December 2011 est.)
10.6% (31 December 2010 est.) Stock of narrow money World Ranking: 98
$5 billion (31 December 2011 est.) $3.944 billion (31 December 2010 est.) Stock of broad money World Ranking: 90
$16.97 billion (31 December 2010 est.) $14.22 billion (31 December 2009 est.) Stock of domestic credit World Ranking: 88
$15.73 billion (31 December 2011 est.) $12.74 billion (31 December 2010 est.) Market value of publicly traded shares World Ranking: 112
$231 million (31 December 2011) $238 million (31 December 2010) $219 million (31 December 2009) Agriculture - products
Soybeans, rice, wheat; beef, dairy products; fish; lumber, cellulose Industries
Food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages Industrial production growth rate World Ranking: 151
-1% (2011 est.)
Electricity - production World Ranking: 94
9.5 billion kWh (2011 est.)
Electricity - consumption World Ranking: 96
7.96 billion kWh (2011 est.)
Electricity - exports
18.9 million kWh (2011 est.)
Electricity - imports
470 million kWh (2011 est.)
Oil - production World Ranking: 73
28,000 bbl/day (2011 est.)
Oil - consumption World Ranking: 101
45,200 bbl/day (2011 est.)
Oil - exports World Ranking: 113
1,395 bbl/day (2011 est.)
Oil - imports World Ranking: 86
47,260 bbl/day (2011 est.)
Oil - proved reserves World Ranking: 203
0 bbl (1 January 2009 est.)
Natural gas - production World Ranking: 139
0 cu m (2011 est.)
Natural gas - consumption World Ranking: 108
45.7 million cu m (2010 est.)
Natural gas - exports World Ranking: 200
0 cu m (2011 est.)
Natural gas - imports World Ranking: 73
86.4 million cu m (2011 est.)
Natural gas - proved reserves World Ranking: 138
0 cu m (1 January 2011 est.)
Current account balance World Ranking: 118
-$875.9 million (2011 est.)
-$446.3 million (2010 est.) Exports World Ranking: 96
$9.341 billion (2011 est.)
$8.03 billion (2010 est.) Exports - commodities
Beef, soybeans, cellulose, rice, wheat, wood, dairy products; wool Exports - partners
Brazil 19.4%, China 14.2%, Argentina 6.8%, Germany 6%, Venezuela 4.3% (2010 est.) Imports World Ranking: 92
$10.41 billion (2011 est.)
$8.312 billion (2010 est.) Imports - commodities
Refined oil, crude oil, passenger and other transportation vehicles, vehicles parts, cellular phones Imports - partners
Brazil 16%, China 14.7%, Argentina 13.2%, US 9.2%, Paraguay 7%, Venezuela 6.6% (2010 est.) Reserves of foreign exchange and gold World Ranking: 73
$10.3 billion (31 December 2011 est.) $7.656 billion (31 December 2010 est.) Debt - external World Ranking: 82
$15.4 billion (31 December 2011 est.) $14.5 billion (31 December 2010 est.) Stock of direct foreign investment - at home World Ranking: 82
$9.304 billion (2010)
$7.3 billion (2009) Stock of direct foreign investment - abroad World Ranking: 77
$300 million (2009 est.)
$156 million (2007 est.) Exchange rates
Uruguayan pesos (UYU) per US dollar - 19.314 (2011 est.)20.059 (2010 est.) 22.568 (2009) 20.936 (2008) 23.947 (2007) Fiscal year
Calendar year
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Uruguay (Montevideo):
 
GPS points from Uruguay (Montevideo)
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Montevideo, founded by the Spanish in 1726 as a military stronghold, soon took advantage of its natural harbor to become an important commercial center. Claimed by Argentina but annexed by Brazil in 1821, Uruguay declared its independence four years later and secured its freedom in 1828 after a three-year struggle. The administrations of President Jose BATLLE in the early 20th century established widespread political, social, and economic reforms that established a statist tradition. A violent Marxist urban guerrilla movement named the Tupamaros, launched in the late 1960s, led Uruguay's president to cede control of the government to the military in 1973. By yearend, the rebels had been crushed, but the military continued to expand its hold over the government. Civilian rule was not restored until 1985. In 2004, the left-of-center Frente Amplio Coalition won national elections that effectively ended 170 years of political control previously held by the Colorado and Blanco parties. Uruguay's political and labor conditions are among the freest on the continent.