Page last updated on February 20, 2013
Economy - overview:
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 fell about 3.5% in 2012, 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 $20 billion.
GDP (purchasing power parity):
$53.55 billion (2012 est.)
country comparison to the world: 94
$51.74 billion (2011 est.)
$48.95 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$49.72 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
3.5% (2012 est.)
country comparison to the world: 100
5.7% (2011 est.)
8.9% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$15,800 (2012 est.)
country comparison to the world: 79
$15,400 (2011 est.)
$14,600 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 9.1%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
21.5%
services:
69.3% (2012 est.)
Labor force:
1.691 million (2012 est.)
country comparison to the world: 126
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 13%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
14%
services:
73% (2010 est.)
Unemployment rate:
6.1% (2012 est.)
country comparison to the world: 59
6% (2011 est.)
[see also:
Unemployment rate country ranks ]
Population below poverty line:
18.6% (2010 est.) (2010 est.)
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: 1.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
34.4% (2010 est.)
Distribution of family income - Gini index:
45.3 (2010)
country comparison to the world: 39
44.8 (1999)
[see also:
Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
20% of GDP (2012 est.)
country comparison to the world: 98
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $14.28 billion
[see also: Budget revenues country ranks ]
expenditures:
$15.07 billion (2012 est.)
Taxes and other revenues:
28.7% of GDP (2012 est.)
country comparison to the world: 109
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-1.6% of GDP (2012 est.)
country comparison to the world: 66
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
57.2% of GDP (2012 est.)
country comparison to the world: 51
58.3% of GDP (2011 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.
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
7.8% (2012 est.)
country comparison to the world: 178
8.1% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
9% (31 December 2012)
country comparison to the world: 31
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
[see also:
Central bank discount rate country ranks ]
Commercial bank prime lending rate:
11% (31 December 2012 est.)
country comparison to the world: 92
9.8% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$5.143 billion (31 December 2012 est.)
country comparison to the world: 99
$4.749 billion (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$16.97 billion (31 December 2010 est.)
country comparison to the world: 92
$14.22 billion (31 December 2009 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$15.69 billion (31 December 2012 est.)
country comparison to the world: 88
$14.79 billion (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$231 million (31 December 2011)
country comparison to the world: 112
$238 million (31 December 2010)
$219 million (31 December 2009)
[see also:
Market value of publicly traded shares country ranks ]
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:
-1% (2011 est.)
country comparison to the world: 152
[see also: Industrial production growth rate country ranks ]
Current account balance:
-$1.189 billion (2012 est.)
country comparison to the world: 120
-$875.9 million (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$9.812 billion (2012 est.)
country comparison to the world: 96
$9.341 billion (2011 est.)
[see also:
Exports country ranks ]
Exports - commodities:
beef, soybeans, cellulose, rice, wheat, wood, dairy products; wool
Exports - partners:
Brazil 19.3%, China 14.2%, Argentina 6.8%, Germany 6%, Venezuela 4.3% (2011)
Imports:
$10.97 billion (2012 est.)
country comparison to the world: 90
