unbekannter Gast

Uruguay: Economy#

Uruguay has a free market economy characterized by an export-oriented agricultural sector, a well-educated workforce, and high levels of social spending. Uruguay has sought to expand trade within the Common Market of the South (Mercosur) and with non-Mercosur members, and President VAZQUEZ has maintained his predecessor’s mix of pro-market policies and a strong social safety net.

Following financial difficulties in the late 1990s and early 2000s, Uruguay's economic growth 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; GDP growth reached 8.9% in 2010 but slowed in 2012-13 as a result of a renewed slowdown in the global economy and in Uruguay's main trade partners and Mercosur counterparts, Argentina and Brazil.

Economic Facts#

GDP (purchasing power parity)$73.93 billion (2016 est.)
$73.86 billion (2015 est.)
$73.14 billion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$54.37 billion (2015 est.)
GDP - real growth rate0.1% (2016 est.)
1% (2015 est.)
3.2% (2014 est.)
GDP - per capita (PPP)$21,600 (2016 est.)
$21,600 (2015 est.)
$21,500 (2014 est.)
note: data are in 2016 dollars
Gross national saving17.1% of GDP (2016 est.)
16.3% of GDP (2015 est.)
16.7% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 67.2%
government consumption: 14.2%
investment in fixed capital: 19.3%
investment in inventories: -0.2%
exports of goods and services: 22%
imports of goods and services: -22.5% (2016 est.)
GDP - composition, by sector of originagriculture: 6.3%
industry: 26.1%
services: 67.6% (2016 est.)
Agriculture - productssoybeans, rice, wheat; beef, dairy products; fish; lumber, cellulose
Industriesfood processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages
Industrial production growth rate3.5% (2016 est.)
Labor force1.736 million (2016 est.)
Labor force - by occupationagriculture: 13%
industry: 14%
services: 73% (2010 est.)
Unemployment rate7.6% (2016 est.)
7.5% (2015 est.)
Population below poverty line18.6% (2010 est.)
Household income or consumption by percentage sharelowest 10%: 1.9%
highest 10%: 34.4% (2010 est.)
Distribution of family income - Gini index45.3 (2010)
44.8 (1999)
Budgetrevenues: $14.29 billion
expenditures: $15.9 billion (2016 est.)
Taxes and other revenues26.3% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-3% of GDP (2016 est.)
Public debt62.8% of GDP (2016 est.)
66.3% of GDP (2015 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 in
Fiscal yearcalendar year
Inflation rate (consumer prices)10.2% (2016 est.)
8.7% (2015 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 rate15.5% (31 December 2016 est.)
15.84% (31 December 2015 est.)
Stock of narrow money$4.121 billion (31 December 2016 est.)
$4.022 billion (31 December 2015 est.)
Stock of broad money$8.568 billion (31 December 2014 est.)
$8.919 billion (31 December 2013 est.)
Stock of domestic credit$17.87 billion (31 December 2016 est.)
$17.2 billion (31 December 2015 est.)
Market value of publicly traded shares$175.4 million (31 December 2012 est.)
$174.6 million (31 December 2011 est.)
$156.9 million (31 December 2010 est.)
Current account balance-$1.586 billion (2016 est.)
-$1.864 billion (2015 est.)
Exports$9.042 billion (2016 est.)
$9.067 billion (2015 est.)
Exports - commoditiesbeef, soybeans, cellulose, rice, wheat, wood, dairy products; wool
Exports - partnersChina 15%, Brazil 14.4%, US 6.5%, Argentina 4.9% (2015)
Imports$9.075 billion (2016 est.)
$9.345 billion (2015 est.)
Imports - commoditiesrefined oil, crude oil, passenger and other transportation vehicles, vehicle parts, cellular phones
Imports - partnersBrazil 18.2%, China 17.4%, Argentina 12.6%, US 9.1%, Germany 4.5%, Nigeria 4.1% (2015)
Reserves of foreign exchange and gold$14.85 billion (31 December 2016 est.)
$15.63 billion (31 December 2015 est.)
Debt - external$21.3 billion (31 December 2016 est.)
$20.07 billion (31 December 2015 est.)
Stock of direct foreign investment - at home$23.3 billion (31 December 2016 est.)
$21.65 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$272.1 million (31 December 2016 est.)
$153.5 million (31 December 2015 est.)
Exchange ratesUruguayan pesos (UYU) per US dollar -
32.03 (2016 est.)
27.52 (2015 est.)
27.52 (2014 est.)
23.246 (2013 est.)
20.31 (2012 est.)