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Uruguay Economy 2014

SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES











Uruguay Economy 2014
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 31, 2014

Economy - overview:
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 fell to about 3.5% in 2012, 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. Uruguay''s total merchandise trade with Mercosur since 2006 has increased by nearly 70% to more than $5 billion while its total trade with the world has almost doubled to roughly $20 billion.

GDP (purchasing power parity):
$53.63 billion (2012 est.)
country comparison to the world: 94

$51.6 billion (2011 est.)
$48.44 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$49.24 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.9% (2012 est.)
country comparison to the world: 91

6.5% (2011 est.)
8.9% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$15,900 (2012 est.)
country comparison to the world: 82

$15,300 (2011 est.)
$14,400 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
15.8% of GDP (2012 est.)
country comparison to the world: 100

16.4% of GDP (2011 est.)
16.7% of GDP (2010 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 68.7%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.6%
investment in fixed capital: 22.1%
investment in inventories: -0.9%
exports of goods and services: 26.3%
imports of goods and services: -29.7%

(2012 est.)

GDP - composition, by sector of origin:
agriculture: 7.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 20.9%
services: 71.8% (2012 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:
3.5% (2012 est.)
country comparison to the world: 81
[see also: Industrial production growth rate country ranks ]

Labor force:
1.691 million (2012 est.)
country comparison to the world: 127
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 13%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 14%
services: 73% (2010 est.)

Unemployment rate:
6% (2012 est.)
country comparison to the world: 61

6% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
18.6% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 34.4% (2010 est.)

Distribution of family income - Gini index:
45.3 (2010)
country comparison to the world: 40

44.8 (1999)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $14.25 billion
[see also: Budget revenues country ranks ]
expenditures: $15.63 billion (2012 est.)

Taxes and other revenues:
28.9% of GDP (2012 est.)
country comparison to the world: 102
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.8% of GDP (2012 est.)
country comparison to the world: 112
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
59.4% of GDP (2012 est.)
country comparison to the world: 45

60% of GDP (2011 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.
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
8.1% (2012 est.)
country comparison to the world: 185

8.1% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9% (31 December 2012)
country comparison to the world: 29

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
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
11.2% (31 December 2012 est.)
country comparison to the world: 91

9.78% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$5.32 billion (31 December 2012 est.)
country comparison to the world: 98

$4.749 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$16.97 billion (31 December 2010 est.)
country comparison to the world: 92

$14.22 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$16.86 billion (31 December 2012 est.)
country comparison to the world: 87

$13.67 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$231 million (31 December 2011)
country comparison to the world: 112

$238 million (31 December 2010)
$219 million (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-2.69 billion (2012 est.)
country comparison to the world: 148

$-1.372 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$9.89 billion (2012 est.)
country comparison to the world: 95

$9.274 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
beef, soybeans, cellulose, rice, wheat, wood, dairy products; wool

Exports - partners:
Brazil 18.6%, China 17.9%, Argentina 6.2%, Germany 4.3% (2012)

Imports:
$12.26 billion (2012 est.)
country comparison to the world: 90

$10.7 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
refined oil, crude oil, passenger and other transportation vehicles, vehicle parts, cellular phones

Imports - partners:
China 16.4%, Brazil 14.9%, Argentina 14.6%, US 9.1%, Paraguay 7.3% (2012)

Reserves of foreign exchange and gold:
$13.6 billion (31 December 2012 est.)
country comparison to the world: 70

$10.3 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$16.02 billion (31 December 2012 est.)
country comparison to the world: 85

$14.35 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$17.76 billion (31 December 2012 est.)
country comparison to the world: 72

$15.19 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$357 million (31 December 2012 est.)
country comparison to the world: 83

$354 million (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Uruguayan pesos (UYU) per US dollar -

20.311 (2012 est.)
19.314 (2011 est.)
20.059 (2010 est.)
22.568 (2009)
20.936 (2008)


NOTE: 1) The information regarding Uruguay on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Uruguay Economy 2014 information contained here. All suggestions for corrections of any errors about Uruguay Economy 2014 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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