| People | Uruguay |
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Economy - overview:
|
Uruguay's economy is characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. After averaging growth of 5% annually during 1996-98, in 1999-2002 the economy suffered a major downturn, stemming largely from the spillover effects of the economic problems of its large neighbors, Argentina and Brazil. For instance, in 2001-02 Argentina made massive withdrawals of dollars deposited in Uruguayan banks, which led to a plunge in the Uruguayan peso and a massive rise in unemployment. Total GDP in these four years dropped by nearly 20%, with 2002 the worst year due to the banking crisis. The unemployment rate rose to nearly 20% in 2002, inflation surged, and the burden of external debt doubled. Cooperation with the IMF helped stem the damage. Uruguay in 2007 improved its debt profile by paying off $1.1 billion in IMF debt, and continues to follow the orthodox economic plan set by the Fund in 2005. The construction of a pulp mill in Fray Bentos, which represents the largest foreign direct investment in Uruguay's history at $1.2 billion, came online in November 2007 and is expected to add 1.6% to GDP and boost already rising exports. The economy has grown strongly since 2004 as a result of high commodity prices for Uruguayan exports, a strong peso, growth in the region, and low international interest rates. |
GDP (purchasing power parity):
|
$37.19 billion (2007 est.) |
GDP (official exchange rate):
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$22.95 billion (2007 est.) |
GDP - real growth rate:
|
7% (2007 est.) |
GDP - per capita (PPP):
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$11,600 (2007 est.) |
GDP - composition by sector:
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agriculture: 10.1%
industry: 32%
services: 57.9% (2007 est.) |
Investment (gross fixed):
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13.9% of GDP (2007 est.) |
Population below poverty line:
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27.4% of households (2006) |
Household income or consumption by percentage share:
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lowest 10%: 1.9%
highest 10%: 34% (2003) |
Distribution of family income - Gini index:
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45.2 (2006) |
Inflation rate (consumer prices):
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8.1% (2007) |
Labor force:
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1.587 million (2007 est.) |
Labor force participation rate:
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45.63 % of population |
Labor force - by occupation:
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agriculture: 9%
industry: 15%
services: 76% (2007 est.) |
Unemployment rate:
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9.2% (2007 est.) |
Budget:
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revenues: $6.6 billion
expenditures: $6.3 billion (2007 est.) |
Budget revenues per capita:
|
1,898 USD per capita |
Public debt:
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67% of GDP (2007) |
Industries:
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food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages |
Industrial production growth rate:
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7.9% (2007 est.) |
Electricity - production:
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9.2 billion kWh (2007) |
Electricity - production per capita:
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2,646 kWh per capita |
Electricity - consumption:
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7.03 billion kWh (2007) |
Electricity - consumption - per capita:
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2,022 kWh per capita |
Electricity - exports:
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1 billion kWh (2007) |
Electricity - imports:
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780 million kWh (2007) |
Oil - production:
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27,830 bbl/day (2007 est.) |
Oil - production per capita:
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8,003 bbl/day per capita |
Oil - consumption:
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33,400 bbl/day (2007 est.) |
Oil - consumption - per capita:
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3.51 bbl/year per capita |
Oil - exports:
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4,410 bbl/day (2007) |
Oil - imports:
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43,670 bbl/day (2007) |
Oil - proved reserves:
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NA |
Natural gas - production:
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0 cu m (2007) |
Natural gas - production per capita:
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void |
Natural gas - consumption:
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102.8 million cu m (2007 est.) |
Natural gas - consumption - per capita:
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30 cu m per capita |
Natural gas - exports:
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0 cu m (2007 est.) |
Natural gas - imports:
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116.9 million cu m (2007) |
Natural gas - proved reserves:
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0 cu m (1 January 2006 est.) |
Agriculture - products:
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rice, wheat, soybeans, barley; livestock, beef; fish; forestry |
Current account balance:
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-$184 million (2007 est.) |
Current account balance - per capita:
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-52 USD per capita |
Exports:
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$5.063 billion f.o.b. (2007 est.) |
Exports per capita:
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1,456 USD per capita |
Exports - commodities:
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meat, rice, leather products, wool, fish, dairy products |
Exports - partners:
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Brazil 15%, US 12.1%, Argentina 6.8%, Mexico 6.4%, China 6%, Germany 5%, Russia 4.9% (2006) |
Imports:
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$5.554 billion f.o.b. (2007 est.) |
Imports per capita:
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1,597 USD per capita |
Imports - commodities:
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crude petroleum and petroleum products, machinery, chemicals, road vehicles, paper, plastics |
Imports - partners:
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Argentina 20.4%, Brazil 17.1%, US 8.2%, Paraguay 7.2%, China 6.9%, Venezuela 4.8%, Nigeria 4.4% (2006) |
Reserves of foreign exchange and gold:
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$4.112 billion (December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,183 USD per capita |
Debt - external:
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$11.42 billion (31 December 2007) |
Debt - external - per capita:
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3,284 USD per capita |
Stock of direct foreign investment - at home:
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$4.19 billion (2007) |
Stock of direct foreign investment - abroad:
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$156 million (2007) |
Market value of publicly traded shares:
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$224 million (2007) |
Economic aid - donor:
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void |
Economic aid - recipient:
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$14.62 million (2005) |
Economic aid - recipient per capita:
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5 USD per capita |
Currency (code):
|
Uruguayan peso (UYU) |
Exchange rates:
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Uruguayan pesos per US dollar - 23.947 (2007), 24.048 (2006), 24.479 (2005), 28.704 (2004), 28.209 (2003) |
Fiscal year:
|
calendar year |
|
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