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World > South America > Uruguay > Economy (Facts)

Uruguay - Economy (Facts)
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


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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