Uruguay

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. In 2001-02 Argentine citizens made massive withdrawals of dollars deposited in Uruguayan banks after bank deposits in Argentina were frozen, which led to a plunge in the Uruguayan peso, a banking crisis, and a sharp economic contraction. Real GDP fell in four years by nearly 20%, with 2002 the worst year. The unemployment rate rose, inflation surged, and the burden of external debt doubled. Financial assistance from the IMF helped stem the damage. Uruguay restructured its external debt in 2003 without asking creditors to accept a reduction on the principal. Economic growth for Uruguay resumed, and averaged 8% annually during the period 2004-08.
GDP (purchasing power parity):
$42.46 billion (2008 est.)
$38.29 billion (2007)
$35.65 billion (2006)
GDP (official exchange rate):
$31.3 billion (2008 est.)
GDP - real growth rate:
8.5% (2008 est.)
7.4% (2007 est.)
7% (2006 est.)
GDP - per capita (PPP):
$12,200 (2008 est.)
$11,100 (2007 est.)
$10,400 (2006 est.)
GDP - composition by sector:
agriculture: 9.8%
industry: 32.8%
services: 57.4% (2008 est.)
Labor force:
1.641 million (2008 est.)
Labor force - by occupation:
agriculture: 9%
industry: 15%
services: 76% (2007 est.)
Unemployment rate:
7.6% (2008 est.)
Household income or consumption by percentage share:
lowest 10%: 1.9%
highest 10%: 34% (2003)
Distribution of family income - Gini index:
45.2 (2006)
Investment (gross fixed):
15.1% of GDP (2008 est.)
Budget:
revenues: $8.204 billion
expenditures: $8.526 billion (2008 est.)
Public debt:
57% of GDP (September 2008)
Inflation rate (consumer prices):
9.2% (2008)
Central bank discount rate:
10% (February 2009)
Commercial bank prime lending rate:
7% (February 2009)
Stock of money:
$2.5 billion (31 November 2008)
Stock of quasi money:
$7.919 billion (31 December 2007)
Stock of domestic credit:
$7.8 billion (31 December 2008)
Market value of publicly traded shares:
$159 million (31 December 2007)
Agriculture - products:
rice, wheat, soybeans, barley; livestock, beef; fish; forestry
Industries:
food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages
Industrial production growth rate:
14.1% (2008 est.)
Electricity - production:
9.2 billion kWh (2007)
Electricity - consumption:
7.03 billion kWh (2007)
Electricity - exports:
995.4 million kWh (2007 est.)
Electricity - imports:
788.4 million kWh (2007 est.)
Oil - production:
935.7 bbl/day (2007 est.)
Oil - consumption:
33,400 bbl/day (2007 est.)
Oil - exports:
4,410 bbl/day (2007)
Oil - imports:
43,670 bbl/day (2007)
Oil - proved reserves:
NA bbl
Natural gas - production:
0 cu m (2007 est.)
Natural gas - consumption:
102.8 million cu m (2007 est.)
Natural gas - exports:
0 cu m (2007 est.)
Natural gas - imports:
116.9 million cu m (2007)
Natural gas - proved reserves:
0 cu m (1 January 2006 est.)
Current account balance:
-$1 billion (2008 est.)
Exports:
$6 billion f.o.b. (2008 est.)
Exports - commodities:
meat, rice, leather products, wool, fish, dairy products
Exports - partners:
Brazil 15.5%, US 9.4%, Argentina 8.4%, Mexico 6.6%, China 6.1%, Germany 4.8% (2007)
Imports:
$7 billion f.o.b. (2008 est.)
Imports - commodities:
crude petroleum and petroleum products, machinery, chemicals, road vehicles, paper, plastics
Imports - partners:
Brazil 19.1%, Argentina 17.9%, US 9.5%, China 9.1%, Paraguay 7.7%, Nigeria 4.7% (2007)
Reserves of foreign exchange and gold:
$6.3 billion (31 December 2008 est.)
Debt - external:
$11.48 billion (31 December 2008 est.)
Stock of direct foreign investment - at home:
$4.19 billion (2007)
Stock of direct foreign investment - abroad:
$156 million (2007)
Exchange rates:
Uruguayan pesos (UYU) per US dollar - 20.936 (2008 est.), 23.947 (2007), 24.048 (2006), 24.479 (2005), 28.704 (2004)