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Uruguay Economy 1996

Overview:

Uruguay's economy is a small one with favorable climate, good soils, and substantial hydropower potential. Economic development has been restrained in recent years by excessive government regulation of economic detail and 40% to 130% inflation. Although the GDP growth rate slowed in 1993 to 1.7%, following a healthy expansion to 7.5% in 1992, it rebounded in 1994 to an estimated 4%, spurred mostly by increasing agricultural and other exports and a surprise reversal of the downward trend in industrial production. In a major step toward regional economic cooperation, Uruguay confirmed its commitment to the Southern Cone Common Market (MERCOSUR) customs union by implementing MERCOSUR's common external tariff on most tradables on 1 January 1995. Inflation in 1994 declined for the third consecutive year, yet, at 44%, it remains the highest in the region; analysts predict that the expanding fiscal deficit and wage indexation will force the inflation rate back toward the 50% mark in 1995.

National product:

GDP - purchasing power parity - $23 billion (1994 est.)

National product real growth rate:

4% (1994 est.)

National product per capita:

$7,200 (1994 est.)

Inflation rate (consumer prices):

44% (1994 est.)

Unemployment rate:

9% (1994 est.)

Budget:

revenues:

$2.9 billion

expenditures:

$3 billion, including capital expenditures of $388 million (1991 est.)

Exports:

$1.78 billion (f.o.b., 1994 est.)

commodities:

wool and textile manufactures, beef and other animal products, leather, rice

partners:

Brazil, Argentina, US, China, Italy

Imports:

$2.461 billion (c.i.f., 1994 est.)

commodities:

machinery and equipment, vehicles, chemicals, minerals, plastics

partners:

Brazil, Argentina, US, Nigeria

External debt:

$4.2 billion (1993)

Industrial production:

growth rate 3.9% (1992); accounts for 28% of GDP

Electricity:

capacity:

2,070,000 kW

production:

9 billion kWh

consumption per capita:

1,575 kWh (1993)

Industries:

meat processing, wool and hides, sugar, textiles, footwear, leather apparel, tires, cement, petroleum refining, wine

Agriculture:

accounts for 12% of GDP; large areas devoted to livestock grazing; wheat, rice, corn, sorghum; fishing; self-sufficient in most basic foodstuffs

Economic aid:

recipient:

US commitments, including Ex-Im (FY70-88), $105 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-89), $420 million; Communist countries (1970-89), $69 million

Currency:

1 Uruguayan peso ($Ur) = 100 centesimos

Exchange rates:

Uruguayan pesos ($Ur) per US$1 - 5.6 (January 1995), 4.4710 (January 1994), 3.9484 (1993), 3.0270 (1992), 2.0188 (1991), 1.1710 (1990)

note:

on 1 March 1993 the former New Peso (N$Ur) was replaced as Uruguay's unit of currency by the Peso which is equal to 1,000 of the New Pesos

Fiscal year:

calendar year

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