Uruguay

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. The 2008-09 global financial crisis put a brake on Uruguay’s vigorous growth, which decelerated to 2.9% 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 exceeded 7% in 2010.

$47.8 billion (2010 est.)

$44.63 billion (2009 est.)

$43.38 billion (2008 est.)

$40.71 billion (2010 est.)

7.1% (2010 est.)

2.9% (2009 est.)

8.5% (2008 est.)

$13,600 (2010 est.)

$12,800 (2009 est.)

$12,500 (2008 est.)

1.637 million (2010 est.)

7.4% (2010 est.)

7.6% (2009 est.)

27.4% of households (2006)

45.2 (2006)

44.8 (1999)

19.4% of GDP (2010 est.)

52.7% of GDP (2010 est.)

60% of GDP (2009 est.)

6.8% (2010 est.)

7.1% (2009 est.)

20% (31 December 2009)

20% (31 December 2008)

15.28% (31 December 2009 est.)

12.45% (31 December 2008 est.)

$3.706 billion (31 December 2010 est)

$2.74 billion (31 December 2009 est)

$14.22 billion (31 December 2009)

$11.78 billion (31 December 2008)

$10.49 billion (31 December 2010 est.)

$8.888 billion (31 December 2009 est.)

$NA (31 December 2008)

$159 million (31 December 2007)

$125.1 million (31 December 2006)

rice, wheat, soybeans, barley; livestock, beef; fish; forestry

food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages

16.5% (2010 est.)

9.265 billion kWh (2007 est.)

7.14 billion kWh (2007 est.)

996 million kWh (2007 est.)

789 million kWh (2007 est.)

997 bbl/day (2009 est.)

40,000 bbl/day (2009 est.)

7,100 bbl/day (2007 est.)

52,730 bbl/day (2007 est.)

0 bbl (1 January 2010 est.)

0 cu m (2008 est.)

70 million cu m (2008 est.)

0 cu m (2008 est.)

70 million cu m (2008 est.)

0 cu m (1 January 2010 est.)

-$377 million (2010 est.)

$258.8 million (2009 est.)

$7.413 billion (2010 est.)

$6.389 billion (2009 est.)

meat, rice, leather products, wool, fish, dairy products

Brazil 21.05%, China 9.45%, Argentina 7.36%, Germany 5.16%, Mexico 4.88%, Netherlands 4.13%, US 3.96% (2009)

$8.519 billion (2010 est.)

$6.664 billion (2009 est.)

crude petroleum and petroleum products, machinery, chemicals, road vehicles, paper, plastics

Argentina 20.77%, Brazil 17.53%, China 10.23%, US 9.82%, Paraguay 6.87% (2009)

$7.407 billion (31 December 2010 est.)

$8.038 billion (31 December 2009 est.)

$13.39 billion (31 December 2010 est.)

$13.23 billion (31 December 2009 est.)

$NA (31 December 2010)

$4.19 billion (2007)

$156 million (2007 est.)

Uruguayan pesos (UYU) per US dollar - 20.276 (2010), 22.568 (2009), 20.936 (2008), 23.947 (2007), 24.048 (2006)