Economy - overview:
Uruguay's economy is characterized by an export-oriented agricultural sector, a well-educated workforce, 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 lower demand in Argentina and Brazil, which together account for nearly half of Uruguay's exports. Total GDP in these four years dropped by nearly 20%, with 2002 the worst year. Unemployment rose to nearly 20% in 2002, inflation surged, and the burden of external debt doubled. Cooperation with the IMF and the US has limited the damage, which is still extensive. Moves to reschedule debt and promote economic recovery may help limit a further decline in output in 2003.
GDP:
purchasing power parity - $26.5 billion (2002 est.)
GDP - real growth rate:
-10.5% (2002 est.)
GDP - per capita:
purchasing power parity - $7,800 (2002 est.)
GDP - composition by sector:
agriculture: 6%
industry: 27%
services: 67% (2001)
Population below poverty line:
6% (1997)
Household income or consumption by percentage share:
lowest 10%: 3.7%
highest 10%: 25.8% (1997)
Distribution of family income - Gini index:
42.3 (1989)
Inflation rate (consumer prices):
14.1% (2002)
Labor force:
1.2 million (2001)
Labor force - by occupation:
agriculture 14%, industry 16%, services 70%
Unemployment rate:
19.4% (2002)
Budget:
revenues: $3.7 billion
expenditures: $4.6 billion, including capital expenditures of $500 million (2000)
Industries:
food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages
Industrial production growth rate:
-12% (2002 est.)
Electricity - production:
7.963 billion kWh (2001)
Electricity - production by source:
fossil fuel: 0.7%
hydro: 99.1%
other: 0.2% (2001)
nuclear: 0%
Electricity - consumption:
6.152 billion kWh (2001)
Electricity - exports:
1.377 billion kWh (2001)
Electricity - imports:
123 million kWh (2001)
Oil - production:
0 bbl/day (2001 est.)
Oil - consumption:
41,500 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Agriculture - products:
rice, wheat, corn, barley; livestock; fish
Exports:
$2.1 billion f.o.b. (2002 est.)
Exports - commodities:
meat, rice, leather products, wool, vehicles, dairy products
Exports - partners:
Brazil 23.8%, Argentina 18.4%, US 8.9%, Germany 3.7%, Paraguay 3.6% (2001)
Imports:
$1.87 billion f.o.b. (2002 est.)
Imports - commodities:
machinery, chemicals, road vehicles, crude petroleum
Imports - partners:
Argentina 23.0%, Brazil 19.1%, US 11.4%, Italy 4.4%, UK 4.1% (2001)
Debt - external:
$11.8 billion (2002 est.)
Economic aid - recipient:
$NA
Currency:
Uruguayan peso (UYU)
Currency code:
UYU
Exchange rates:
Uruguayan pesos per US dollar - 21.257 (2002), 13.3191 (2001), 12.0996 (2000), 11.3393 (1999), 10.4719 (1998)
Fiscal year:
calendar year
NOTE: The information regarding Uruguay on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Uruguay Economy 2003 should be addressed to the CIA.
