Overview: The economy is slowly recovering from the deep recession of 1981-84. In 1986 real GDP grew by 6.6% and by 4.9% in 1987. The recovery was led by growth in the agriculture and fishing sectors, agriculture alone contributing 20% to GDP, employing about 20% of the labor force, and generating a large proportion of export earnings. Raising livestock, particularly cattle and sheep, is the major agricultural activity. In 1988, despite healthy exports and an improved current account, domestic growth slowed because of government concentration on the external sector, adverse weather conditions, and prolonged strikes. High inflation rates of nearly 70%, a large domestic debt, and frequent strikes remain major economic problems for the government.

GDP: $7.5 billion, per capita $2,530; real growth rate 1% (1988 est.)

Inflation rate (consumer prices): 69% (1988)

Unemployment rate: 9.0% (1988 est.)

Budget: revenues $1.2 billion; expenditures $1.3 billion, including capital expenditures of $93.3 million (1987)

Exports: $1.3 billion (f.o.b., 1988 est.); @m5commodities--hides and leather goods 17%, beef 10%, wool 9%, fish 7%, rice 4%; @m5partners--Brazil 17%, US 15%, FRG 10%, Argentina 10% (1987)

Imports: $1.1 billion (f.o.b., 1988 est.); @m5commodities--fuels and lubricants 15%, metals, machinery, transportation equipment, industrial chemicals; @m5partners--Brazil 24%, Argentina 14%, US 8%, FRG 8% (1987)

External debt: $6 billion (1988)

Industrial production: growth rate 1.5% (1988 est.)

Electricity: 1,889,000 kW capacity; 4,204 million kWh produced, 1,410 kWh per capita (1988)

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

Agriculture: large areas devoted to extensive livestock grazing; wheat, rice, corn, sorghum; self-sufficient in most basic foodstuffs

Aid: US commitments, including Ex-Im (FY70-87), $105 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-86), $233 million; Communist countries (1970-87), $69 million

Currency: new Uruguayan peso (plural--pesos); 1 new Uruguayan peso (N$Ur) = 100 centesimos

Exchange rates: new Uruguayan pesos (N$Ur) per US$1--460.68 (January 1989), 359.39 (1988), 226.67 (1987), 151.99 (1986), 101.43 (1985)

Fiscal year: calendar year

NOTE: The information regarding Uruguay on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Uruguay Economy 1989 information contained here. All suggestions for corrections of any errors about Uruguay Economy 1989 should be addressed to the CIA.