unbekannter Gast

Uruguay: Economy#

Uruguay has a free market economy 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 8.9% in 2010 but slowed in 2012-13, the result of a renewed slowdown in the global economy and in Uruguay's main trade partners and Common Market of the South (Mercosur) counterparts, Argentina and Brazil. Uruguay has sought to expand trade within Mercosur and with non-Mercosur members. Uruguay's total merchandise trade with Mercosur since 2006 has increased by nearly 70% to more than $5 billion while its total trade with the world has almost doubled to roughly $23 billion in 2013.

Economic Facts#

GDP (purchasing power parity)$56.27 billion (2013 est.)
$54.37 billion (2012 est.)
$52.31 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate3.5% (2013 est.)
3.9% (2012 est.)
6.5% (2011 est.)
GDP - per capita (PPP)$16,600 (2013 est.)
$16,100 (2012 est.)
$15,500 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 7.5%
industry: 21.5%
services: 71% (2013 est.)
Population below poverty line18.6% (2010 est.)
Household income or consumption by percentage sharelowest 10%: 1.9%
highest 10%: 34.4% (2010 est.)
Labor force - by occupationagriculture: 13%
industry: 14%
services: 73% (2010 est.)
Exports - commoditiesbeef, soybeans, cellulose, rice, wheat, wood, dairy products; wool
Exports - partnersBrazil 18.6%, China 17.9%, Argentina 6.2%, Germany 4.3% (2012)
Agriculture - productssoybeans, rice, wheat; beef, dairy products; fish; lumber, cellulose
Budgetrevenues: $17.14 billion
expenditures: $18.62 billion (2013 est.)
Imports - commoditiesrefined oil, crude oil, passenger and other transportation vehicles, vehicle parts, cellular phones
Imports - partnersChina 16.4%, Brazil 14.9%, Argentina 14.6%, US 9.1%, Paraguay 7.3% (2012)
Exchange ratesUruguayan pesos (UYU) per US dollar -
20.58 (2013 est.)
20.311 (2012 est.)
20.059 (2010 est.)
22.568 (2009)
20.936 (2008)
Exports$10.5 billion (2013 est.)
$9.89 billion (2012 est.)
Debt - external$17.61 billion (31 December 2013 est.)
$16.02 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$12.5 billion (2013 est.)
$12.26 billion (2012 est.)
Industrial production growth rate6.6% (2013 est.)
Industriesfood processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages
Inflation rate (consumer prices)8.3% (2013 est.)
8.1% (2012 est.)
Labor force1.7 million (2013 est.)
Unemployment rate6.5% (2013 est.)
6% (2012 est.)
Distribution of family income - Gini index45.3 (2010)
44.8 (1999)
Public debt62.8% of GDP (2013 est.)
59.4% of GDP (2012 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.
Current account balance-$2.721 billion (2013 est.)
-$2.69 billion (2012 est.)
Reserves of foreign exchange and gold$16.32 billion (31 December 2013 est.)
$13.6 billion (31 December 2012 est.)
GDP (official exchange rate)$57.11 billion (2013 est.)
Stock of direct foreign investment - at home$20.69 billion (31 December 2013 est.)
$17.76 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$422 million (31 December 2013 est.)
$357 million (31 December 2012 est.)
Market value of publicly traded shares$175.4 million (31 December 2012 est.)
$174.6 million (31 December 2011)
$156.9 million (31 December 2010 est.)
Central bank discount rate9% (31 December 2012)
8.75% (31 December 2011)
note: Uruguay's central bank uses the benchmark interest rate, rather than the discount rate, to conduct monetary policy; the rates shown here are the benchmark rates
Commercial bank prime lending rate11.3% (31 December 2013 est.)
11.2% (31 December 2012 est.)
Stock of domestic credit$17.66 billion (31 December 2013 est.)
$16.86 billion (31 December 2012 est.)
Stock of narrow money$5.312 billion (31 December 2013 est.)
$5.32 billion (31 December 2012 est.)
Stock of broad money$8.689 billion (31 December 2013 est.)
$8.648 billion (31 December 2012 est.)
Taxes and other revenues30% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-2.6% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 68.9%
government consumption: 13.6%
investment in fixed capital: 23.1%
investment in inventories: -0.8%
exports of goods and services: 25.8%
imports of goods and services: -30.5%
(2013 est.)
Gross national saving17.3% of GDP (2013 est.)
15.8% of GDP (2012 est.)
16.4% of GDP (2011 est.)