| Economy - overview | Uruguay's well-to-do 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. A debt swap with private-sector creditors in 2003 extended the maturity dates on nearly half of Uruguay's then $11.3 billion of public debt and helped restore public confidence. The economy grew about 12% in 2004 as a result of high commodity prices for Uruguayan exports, a competitive peso, growth in the region, and low international interest rates, and it continued to grow nearly 7% annually in 2005 and 2006. |
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| GDP | 1.6% (2006) |
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| GDP - real growth rate | 7% (2006 est.) |
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| GDP - composition by sector | agriculture: 9.3%
industry: 33.7%
services: 57% (2006 est.) |
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| Population below poverty line | 27.37% of households (2006) |
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Household income or consumption
by percentage share | lowest 10%: 3.7%
highest 10%: 25.8% (1997) |
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Distribution of family income
- Gini index | 45.2 (2006) |
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| Labor force | 1.27 million (2006 est.) |
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| Labor force - by occupation | agriculture: 14%
industry: 16%
services: 70% |
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| Unemployment rate | 10.8% (2006 est.) |
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| Budget | revenues: $5.203 billion
expenditures: $5.449 billion; including capital expenditures of $193 million (2006 est.) |
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| Industries | food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages |
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| Industrial production growth rate | 12.6% (2006 est.) |
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Electricity -
production | 8.183 billion kWh (2004) |
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Electricity -
production by source | fossil fuel: 0.7%
hydro: 99.1%
nuclear: 0%
other: 0.3% (2001) |
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Electricity -
consumption | 9.939 billion kWh (2004) |
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Electricity -
exports | 19 million kWh (2004) |
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Electricity -
imports | 2.348 billion kWh (2004) |
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| Oil - production | 513.5 bbl/day (2004 est.) |
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| Oil - consumption | 38,100 bbl/day (2004 est.) |
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| Oil - exports | NA bbl/day |
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| Oil - imports | NA bbl/day |
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| Agriculture - products | rice, wheat, corn, barley; livestock; fish |
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| Exports | $3.993 billion f.o.b. (2006 est.) |
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| Exports - commodities | meat, rice, leather products, wool, fish, dairy products |
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| Exports - partners | US 23.2%, Brazil 13.5%, Argentina 7.8%, Germany 4.2%, Mexico 4.1% (2005) |
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| Imports | $4.532 billion f.o.b. (2006 est.) |
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| Imports - commodities | machinery, chemicals, road vehicles, crude petroleum |
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| Imports - partners | Brazil 21.3%, Argentina 20.3%, Russia 8%, US 6.7%, Venezuela 6.3%, China 6.2%, Nigeria 5.9% (2005) |
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| Debt - external | $11.4 billion (30 September 2006 est.) |
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| Economic aid - recipient | $NA |
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| Currency code | UYU |
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| Exchange rates | Uruguayan pesos per US dollar - 24.048 (2006), 24.479 (2005), 28.704 (2004), 28.209 (2003), 21.257 (2002) |
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| Fiscal year | calendar year |
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