Economy of Uruguay

Economy of Uruguay
	World Trade Center Montevideo
Currency	Uruguayan peso (UYU, $U)
Fiscal year	Calendar year
Trade organizations	WTO, ALADI, Mercosur, Andean Community (associate)
Country group	Developing/Emerging; High-income economy;
Statistics
Population	3,496,016 (2022)
GDP	$82.6 billion (nominal, 2024); $108 billion (PPP, 2024);
GDP rank	76th (nominal, 2024); 97th (PPP, 2024);
GDP growth	4.9% (2022); 2.0% (2023f); 2.9% (2024f);
GDP per capita	$23,088 (nominal, 2024); $30,170 (PPP, 2024);
GDP per capita rank	49th (nominal, 2024); 65th (PPP, 2024);
GDP by sector	agriculture: 6.2%; industry: 24.1%; services: 69.7%; (2017 est.);
Inflation (CPI)	9.12% (February 2021)
Population below poverty line	11.6% (2020)
Gini coefficient	39.7 medium (2018, World Bank)
Human Development Index	0.830 very high (2022) (52nd); 0.720 high (52nd) IHDI (2022);
Labor force	1,686,487 (2020); 54.9% employment rate (February 2021);
Labor force by occupation	agriculture: 13%; industry: 14%; services: 73%; (2010 est.);
Unemployment	11.1% (February 2021)
Main industries	food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages
External
Exports	$11.41 billion (2017 est.)
Export goods	beef, soybeans, cellulose, rice, wheat, wood, dairy products, wool
Main export partners	China 19%; Brazil 16.1%; United States 5.7%; Argentina 5.4%; (2017);
Imports	$8.607 billion (2017 est.)
Import goods	refined oil, crude oil, passenger and other transportation vehicles, vehicle parts, cellular phones
Main import partners	China 20%; Brazil 19.5%; Argentina 12.6%; United States 10.9%; (2017);
FDI stock	$44.84 billion (31 December 2017 est.); Abroad: $19.97 billion (31 December 2017 est.);
Current account	$879 million (2017 est.)
Gross external debt	$28.37 billion (31 December 2017 est.)
Public finances
Government debt	65.7% of GDP (2017 est.)
Budget balance	−3.5% (of GDP) (2017 est.)
Revenues	17.66 billion (2017 est.)
Expenses	19.72 billion (2017 est.)
Credit rating	Standard & Poor's:; BB (Domestic); BB (Foreign); BBB- (T&C Assessment); Outlook: Stable; Moody's:; Ba1; Outlook: Stable; Fitch:; BB; Outlook: Positive;
Foreign reserves	$15.96 billion (31 December 2017 est.)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Uruguay features an export-oriented agricultural sector and a well-educated workforce, along with high levels of social spending. Tourism and banking are also prominent sectors; Uruguay acts as a regional hub for international finance and tourism. The country also has a history and representation of advanced workers-rights protection, with unions and the eight-hour work-day protected at the beginning of the 20th century.

90% of the country's population is urbanized, while most of the industry and over half of the population is concentrated in the capital Montevideo.

After averaging growth of 5% annually during 1996–98, Uruguay's economy suffered a major downturn in 1999–2002, 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, causing the 2002 Uruguay banking crisis.

This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.