| 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. |
| GDP - real growth rate: |
7% (2006 est.) |
| GDP (purchasing power parity): |
$37.54 billion (2006 est.) |
| GDP (official exchange rate): |
$14.5 billion (2006 est.) |
| GDP - per capita (PPP): |
$10,900 (2006 est.) |
| GDP - composition by sector: |
agriculture: 9.3%
industry: 33.7%
services: 57% (2006 est.) |
| Population below poverty line: |
27.37% of households (2006) |
| Household income or consumption by percentage share: |
lowest 10%: 3.7%
highest 10%: 25.8% (1997) |
| Inflation rate (consumer prices): |
6.5% (2006 est.) |
| Labor force: |
1.27 million (2006 est.) |
| Labor force - by occupation: |
agriculture: 14%
industry: 16%
services: 70% |
| Unemployment rate: |
10.8% (2006 est.) |
| Budget: |
revenues: $5.203 billion
expenditures: $5.449 billion; including capital expenditures of $193 million (2006 est.) |
| Industries: |
food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages |
| Industrial production growth rate: |
12.6% (2006 est.) |
| Electricity - production: |
8.183 billion kWh (2004) |
| Electricity - consumption: |
9.939 billion kWh (2004) |
| Electricity - exports: |
19 million kWh (2004) |
| Electricity - imports: |
2.348 billion kWh (2004) |
| Oil - production: |
513.5 bbl/day (2004 est.) |
| Oil - consumption: |
38,100 bbl/day (2004 est.) |
| Oil - exports: |
NA bbl/day |
| Oil - imports: |
NA bbl/day |
| Oil - proved reserves: |
0 bbl |
| Natural gas - production: |
0 cu m (2004 est.) |
| Natural gas - exports: |
0 cu m (2004 est.) |
| Natural gas - imports: |
120 million cu m (2004 est.) |
| Agriculture - products: |
rice, wheat, corn, barley; livestock; fish |
| Exports: |
$3.993 billion f.o.b. (2006 est.) |
| Exports - commodities: |
meat, rice, leather products, wool, fish, dairy products |
| Exports - partners: |
Brazil 14%, US 12.3%, Argentina 8.2%, China 6.1%, Germany 5%, Russia 5%, Mexico 4.3% (2006) |
| Imports: |
$4.532 billion f.o.b. (2006 est.) |
| Imports - commodities: |
machinery, chemicals, road vehicles, crude petroleum |
| Imports - partners: |
Brazil 17.2%, Argentina 16.4%, US 8.9%, Paraguay 7.8%, China 7.5%, Venezuela 5.2%, Nigeria 4.8% (2006) |
| Debt - external: |
$11.4 billion (30 September 2006 est.) |
| Economic aid - recipient: |
NA |
| Currency: |
UYU |
| Currency code: |
UYU |
| Exchange rates: |
Uruguayan pesos per US dollar - 24.048 (2006), 24.479 (2005), 28.704 (2004), 28.209 (2003), 21.257 (2002) |
| Fiscal year: |
calendar year |
