Overview: The economy is slowly recovering from the deep recession of 1981-84. In 1986 real GDP grew by 6.6% and in 1987 by 4.9%. The recovery was led by growth in the agriculture and fishing sectors, agriculture alone contributing 20% to GDP, employing about 11% 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 about 80%, a large domestic debt, and frequent strikes remain major economic problems for the government.

GDP: $8.8 billion, per capita $2,950; real growth rate 1% (1989 est.)

Inflation rate (consumer prices): 80% (1989 est.)

Unemployment rate: 9.0% (1989 est.)

Budget: revenues $1.2 billion; expenditures $1.4 billion, including capital expenditures of $165 million (1988)

Exports: $1.5 billion (f.o.b., 1989 est.); commodities--hides and leather goods 17%, beef 10%, wool 9%, fish 7%, rice 4%; partners--Brazil 17%, US 15%, FRG 10%, Argentina 10% (1987)

Imports: $1.1 billion (f.o.b., 1989 est.); commodities--fuels and lubricants 15%, metals, machinery, transportation equipment, industrial chemicals; partners--Brazil 24%, Argentina 14%, US 8%, FRG 8% (1987)

External debt: $6 billion (1988)

Industrial production: growth rate - 2.9% (1988 est.)

Electricity: 1,950,000 kW capacity; 4,330 million kWh produced, 1,450 kWh per capita (1989)

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 (FY70-88), $105 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $263 million; Communist countries (1970-88), $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--832.62 (January 1990), 605.62 (1989), 359.44 (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 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Uruguay Economy 1990 information contained here. All suggestions for corrections of any errors about Uruguay Economy 1990 should be addressed to the CIA.