The Economy Of Uruguay. Detailed description of the current state of the economy of Uruguay briefly

Atlas of South America

Detailed  road, geographical and political maps of the South America

Free download maps of the States of South America 2017

The Economy Of Uruguay. Detailed description of the current state of the economy of Uruguay briefly

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, and President-elect Tabare VAZQUEZ has said he will maintain his predecessor’s mix of pro-market policies and a strong social safety net.

GDP (purchasing power parity):

$69.78 billion (2014 est.)

$67.88 billion (2013 est.)

$65.02 billion (2012 est.)

note: data are in 2014 US dollars

country comparison to the world: 95

GDP (official exchange rate):

$55.6 billion (2014 est.)

GDP - real growth rate:

2.8% (2014 est.)

4.4% (2013 est.)

3.7% (2012 est.)

country comparison to the world: 121

GDP - per capita (PPP):

$20,500 (2014 est.)

$20,000 (2013 est.)

$19,200 (2012 est.)

note: data are in 2013 US dollars

country comparison to the world: 80

Gross national saving:

16.5% of GDP (2014 est.)

18% of GDP (2013 est.)

18.2% of GDP (2012 est.)

country comparison to the world: 107

GDP - composition, by end use:

household consumption: 66.1%

government consumption: 14%

investment in fixed capital: 22.9%

investment in inventories: 0.7%

exports of goods and services: 24.2%

imports of goods and services: -28%

(2014 est.)

GDP - composition, by sector of origin:

agriculture: 7.5%

industry: 20.4%

services: 72.1% (2014 est.)

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:

1.8% (2014 est.)

country comparison to the world: 136

Labor force:

1.712 million (2014 est.)

country comparison to the world: 127

Labor force - by occupation:

agriculture: 13%

industry: 14%

services: 73% (2010 est.)

Unemployment rate:

6.7% (2014 est.)

6.6% (2013 est.)

country comparison to the world: 70

Population below poverty line:

18.6% (2010 est.)

Household income or consumption by percentage share:

lowest 10%: 1.9%

highest 10%: 34.4% (2010 est.)

Distribution of family income - Gini index:

45.3 (2010)

44.8 (1999)

country comparison to the world: 40

Budget:

revenues: $16.8 billion

expenditures: $18.71 billion (2014 est.)

Taxes and other revenues:

30.2% of GDP (2014 est.)

country comparison to the world: 89

Budget surplus (+) or deficit (-):

-3.4% of GDP (2014 est.)

country comparison to the world: 128

Public debt:

64.7% of GDP (2014 est.)

62.1% of GDP (2013 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.

country comparison to the world: 48

Fiscal year:

calendar year

Inflation rate (consumer prices):

8.8% (2014 est.)

8.6% (2013 est.)

Central bank discount rate:

9% (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

country comparison to the world: 26

Commercial bank prime lending rate:

15.7% (31 December 2014 est.)

12.44% (31 December 2013 est.)

country comparison to the world: 33

Stock of narrow money:

$5.201 billion (31 December 2014 est.)

$5.455 billion (31 December 2013 est.)

country comparison to the world: 98

Stock of broad money:

$8.568 billion (31 December 2014 est.)

$8.919 billion (31 December 2013 est.)

country comparison to the world: 109

Stock of domestic credit:

$19.82 billion (31 December 2014 est.)

$19.48 billion (31 December 2013 est.)

country comparison to the world: 87

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.)

country comparison to the world: 117

Current account balance:

-$3.067 billion (2014 est.)

-$3.144 billion (2013 est.)

country comparison to the world: 157

Exports:

$11 billion (2014 est.)

$10.29 billion (2013 est.)

country comparison to the world: 93

Exports - commodities:

beef, soybeans, cellulose, rice, wheat, wood, dairy products; wool

Exports - partners:

China 21.9%, Brazil 17.3%, Argentina 4.8%, Germany 4.2% (2013)

Imports:

$12.05 billion (2014 est.)

$11.6 billion (2013 est.)

country comparison to the world: 95

Imports - commodities:

refined oil, crude oil, passenger and other transportation vehicles, vehicle parts, cellular phones

Imports - partners:

China 16.4%, Brazil 14.6%, Argentina 14%, US 12.4% (2013)

Reserves of foreign exchange and gold:

$17.96 billion (31 December 2014 est.)

$16.28 billion (31 December 2013 est.)

country comparison to the world: 64

Debt - external:

$17.54 billion (31 December 2014 est.)

$16.27 billion (31 December 2013 est.)

country comparison to the world: 88

Stock of direct foreign investment - at home:

$23.41 billion (31 December 2014 est.)

$20.59 billion (31 December 2013 est.)

country comparison to the world: 73

Stock of direct foreign investment - abroad:

$411.7 million (31 December 2014 est.)

$376.6 million (31 December 2013 est.)

country comparison to the world: 85

Exchange rates:

Uruguayan pesos (UYU) per US dollar -

23.18 (2014 est.)

20.482 (2013 est.)

20.31 (2012 est.)

19.314 (2011 est.)

20.059 (2010 est.)