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Uruguay Economy 2010
https://workmall.com/wfb2010/uruguay/uruguay_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Uruguay Economy 2010
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 27, 2010

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, before slowing to 0.6% in 2009. Sound fiscal and monetary policies prevented Uruguay from sliding into recession.

GDP (purchasing power parity):
$44.05 billion (2009 est.)

$43.78 billion (2008 est.)
$40.21 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$31.61 billion (2009 est.)

GDP - real growth rate:
0.6% (2009 est.)

8.9% (2008 est.)
7.4% (2007 est.)

GDP - per capita (PPP):
$12,600 (2009 est.)

$12,600 (2008 est.)
$11,600 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 9.5%
industry: 22.5%
services: 68% (2009 est.)

Labor force:
1.636 million (2009 est.)

Labor force - by occupation:
agriculture: 9%
industry: 15%
services: 76% (2007 est.)

Unemployment rate:
7.9% (2009 est.)

7.6% (2008 est.)

Population below poverty line:
27.4% of households (2006)

Household income or consumption by percentage share:
lowest 10%: 1.7%
highest 10%: 34.8% (2006)

Distribution of family income - Gini index:
45.2 (2006)

44.8 (1999)

Investment (gross fixed):
15.5% of GDP (2009 est.)

Budget:
revenues: $8.841 billion
expenditures: $9.666 billion (2009 est.)

Public debt:
58.7% of GDP (2009 est.)

59.8% of GDP (2008 est.)

Inflation rate (consumer prices):
7.3% (2009 est.)

7.9% (2008 est.)

Central bank discount rate:
10% (31 December 2008)

10% (31 December 2007)

Commercial bank prime lending rate:
12.45% (31 December 2008)

7.25% (31 December 2007)

Stock of money:
$2.247 billion (31 December 2008)

$2.145 billion (31 December 2007)

Stock of quasi money:
$9.409 billion (31 December 2008)

$7.919 billion (31 December 2007)

Stock of domestic credit:
$9.096 billion (31 December 2008)

$6.396 billion (31 December 2007)

Market value of publicly traded shares:
$NA (31 December 2008)

$159 million (31 December 2007)
$125.1 million (31 December 2006)

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:
-0.9% (2009 est.)

Electricity - production:
9.265 billion kWh (2007 est.)

Electricity - consumption:
7.14 billion kWh (2007 est.)

Electricity - exports:
996 million kWh (2007 est.)

Electricity - imports:
789 million kWh (2007 est.)

Oil - production:
946 bbl/day (2008 est.)

Oil - consumption:
41,000 bbl/day (2008 est.)

Oil - exports:
7,100 bbl/day (2007 est.)

Oil - imports:
52,730 bbl/day (2007 est.)

Oil - proved reserves:
0 bbl

Natural gas - production:
0 cu m (2008 est.)

Natural gas - consumption:
70 million cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
70 million cu m (2008 est.)

Natural gas - proved reserves:
0 cu m (1 January 2009 est.)

Current account balance:
$-76 million (2009 est.)

$-1.484 billion (2008 est.)

Exports:
$6.32 billion (2009 est.)

$7.084 billion (2008 est.)

Exports - commodities:
meat, rice, leather products, wool, fish, dairy products

Exports - partners:
Brazil 18.7%, China 8.5%, Argentina 7.3%, Germany 6.5%, Mexico 4.9%, Netherlands 4.5%, Russia 4.3% (2008)

Imports:
$6.576 billion (2009 est.)

$8.799 billion (2008 est.)

Imports - commodities:
crude petroleum and petroleum products, machinery, chemicals, road vehicles, paper, plastics

Imports - partners:
Argentina 19.9%, Brazil 16.5%, China 11.2%, US 9.9%, Paraguay 6.6%, Nigeria 4.6% (2008)

Reserves of foreign exchange and gold:
$7.907 billion (31 December 2009 est.)

$6.36 billion (31 December 2008 est.)

Debt - external:
$12.61 billion (31 December 2009 est.)

$10.73 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$NA (31 December 2009 est.)

$4.19 billion (2007)

Stock of direct foreign investment - abroad:
$156 million (2007 est.)

Exchange rates:
Uruguayan pesos (UYU) per US dollar - 23.017 (2009), 20.936 (2008), 23.947 (2007), 24.048 (2006), 24.479 (2005)


NOTE: The information regarding Uruguay on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Uruguay Economy 2010 information contained here. All suggestions for corrections of any errors about Uruguay Economy 2010 should be addressed to the CIA.






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