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Uruguay Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Uruguay Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Uruguay has a free market economy characterized by an export-oriented agricultural sector, a well-educated workforce, and high levels of social spending. Uruguay has sought to expand trade within the Common Market of the South (Mercosur) and with non-Mercosur members, and President VAZQUEZ has maintained his predecessor’s mix of pro-market policies and a strong social safety net.Following financial difficulties in the late 1990s and early 2000s, Uruguay's economic growth averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment; GDP growth reached 8.9% in 2010 but slowed markedly in the period 2012-16 as a result of a renewed slowdown in the global economy and in Uruguay's main trade partners and Mercosur counterparts, Argentina and Brazil. Reforms in those countries should give Uruguay an economic boost. Growth picked up in 2017.

GDP (purchasing power parity):
$78.41 billion (2017 est.) $75.76 billion (2016 est.) $74.67 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 96

GDP (official exchange rate):
$60.27 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.5% (2017 est.) 1.5% (2016 est.) 0.4% (2015 est.)
country comparison to the world: 93
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$22,400 (2017 est.) $21,800 (2016 est.) $21,500 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 84

Gross national saving:
17.3% of GDP (2017 est.) 18.6% of GDP (2016 est.) 17.6% of GDP (2015 est.)
country comparison to the world: 107
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 65.3%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 14.1%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 18.6%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: -0.2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 22.3%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -20.1% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 6.2%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 25%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 68.8% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
Cellulose, beef, soybeans, rice, wheat; dairy products; fish; lumber, tobacco, wine

Industries:
food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages

Industrial production growth rate:
1.6% (2017 est.)
country comparison to the world: 149
[see also: Industrial production growth rate country ranks ]

Labor force:
1.748 million (2017 est.)
country comparison to the world: 127
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 13%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 14%
[see also: Labor force - by occupation - industry country ranks ]
services: 73% (2010 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
7.3% (2017 est.) 7.9% (2016 est.)
country comparison to the world: 103
[see also: Unemployment rate country ranks ]

Population below poverty line:
9.7% (2015 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 30.8% (2014 est.)

Distribution of family income - Gini index:
41.6 (2014) 41.9 (2013)
country comparison to the world: 52
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $17.69 billion
[see also: Budget - revenues country ranks ]
expenditures: $19.9 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
29.3% of GDP (2017 est.)
country comparison to the world: 86
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.7% of GDP (2017 est.)
country comparison to the world: 137
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
62.5% of GDP (2017 est.) 62.7% of GDP (2016 est.)
note: data cover general government debt, and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions.
country comparison to the world: 68
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
6.1% (2017 est.) 9.6% (2016 est.)
country comparison to the world: 187
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9% (31 December 2012) 8.75% (31 December 2011)
note: Uruguay's central bank uses the benchmark interest rate, rather than the discount rate, to conduct monetary policy; the rates shown here are the benchmark rates
country comparison to the world: 31
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
13.6% (31 December 2017 est.) 16.17% (31 December 2016 est.)
country comparison to the world: 57
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$4.859 billion (31 December 2017 est.) $4.582 billion (31 December 2016 est.)
country comparison to the world: 106
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$9.329 billion (31 December 2017 est.) $8.781 billion (31 December 2016 est.)
country comparison to the world: 108
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$20.98 billion (31 December 2017 est.) $19.61 billion (31 December 2016 est.)
country comparison to the world: 90
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$175.4 million (31 December 2012 est.) $174.6 million (31 December 2011 est.) $156.9 million (31 December 2010 est.)
country comparison to the world: 119
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$268 million (2017 est.) -$36 million (2016 est.)
country comparison to the world: 95
[see also: Current account balance country ranks ]

Exports:
$8.976 billion (2017 est.) $8.387 billion (2016 est.)
country comparison to the world: 94
[see also: Exports country ranks ]

Exports - commodities:
beef, soybeans, cellulose, rice, wheat, wood, dairy products, wool

Exports - partners:
Brazil 16.4%, China 12.2%, US 6.2%, Argentina 5% (2016)

Imports:
$8.74 billion (2017 est.) $8.037 billion (2016 est.)
country comparison to the world: 102
[see also: Imports country ranks ]

Imports - commodities:
refined oil, crude oil, passenger and other transportation vehicles, vehicle parts, cellular phones

Imports - partners:
China 18.8%, Brazil 17.9%, Argentina 13.3%, US 6.9%, Germany 4.7% (2016)

Reserves of foreign exchange and gold:
$14.28 billion (31 December 2017 est.) $13.47 billion (31 December 2016 est.)
country comparison to the world: 69
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$28.27 billion (31 December 2017 est.) $27.9 billion (31 December 2016 est.)
country comparison to the world: 83
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$24.35 billion (31 December 2017 est.) $22.81 billion (31 December 2016 est.)
country comparison to the world: 74
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$228.9 million (31 December 2017 est.) $136.1 million (31 December 2016 est.)
country comparison to the world: 98
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Uruguayan pesos (UYU) per US dollar - 28.77 (2017 est.) 30.163 (2016 est.) 30.163 (2015 est.) 27.52 (2014 est.) 23.246 (2013 est.)


NOTE: 1) The information regarding Uruguay on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Uruguay Economy 2018 information contained here. All suggestions for corrections of any errors about Uruguay Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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