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    Uruguay Economy - 1991

      Overview: The economy is slowly recovering from the deep recession of the early 1980s. In 1988 real GDP grew by only 0.5% and in 1989 by 1.5%. 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 1990, despite healthy exports and an improved current account, domestic growth remained weak because of government concentration on the external sector, adverse weather conditions, and prolonged strikes. Bringing down high inflation, reducing a large fiscal deficit, and avoiding frequent strikes remain major economic problems for the government.

      GDP: $9.2 billion, per capita $2,970; real growth rate 1% (1990 est.)

      Inflation rate (consumer prices): 129% (1990)

      Unemployment rate: 8.8% (1990 est.)

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

      Exports: $1.7 billion (f.o.b., 1990); 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: $1.28 billion (f.o.b., 1990); commodities--fuels and lubricants 15%, metals, machinery, transportation equipment, industrial chemicals; partners--Brazil 24%, Argentina 14%, US 8%, FRG 8% (1987)

      External debt: $4.2 billion (1990 est.)

      Industrial production: growth rate - 2.1% (1989 est.)

      Electricity: 1,950,000 kW capacity; 5,274 million kWh produced, 1,740 kWh per capita (1990)

      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

      Economic aid: US commitments, including Ex-Im (FY70-88), $105 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $293 million; Communist countries (1970-89), $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--1,626.4 (January 1991), 1,171.0 (1990), 605.5 (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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Uruguay Economy 1991 information contained here. All suggestions for corrections of any errors about Uruguay Economy 1991 should be addressed to the CIA.

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    Revised 08-Feb-03
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