Uruguay Economy - 2022

GEOGRAPHICAL NAMES 

Economic 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 2004-08 period. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country avoided a recession and kept growth rates positive, mainly through higher public expenditure and investment; GDP growth reached 8.9% in 2010 but slowed markedly in the 2012-16 period 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.

Real GDP (purchasing power parity)

$75.06 billion (2020 est.)

$79.73 billion (2019 est.)

$79.45 billion (2018 est.)

note: data are in 2017 dollars

Real GDP growth rate

2.7% (2017 est.)

1.7% (2016 est.)

0.4% (2015 est.)

Real GDP per capita

$21,600 (2020 est.)

$23,000 (2019 est.)

$23,000 (2018 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$56.108 billion (2019 est.)

Inflation rate (consumer prices)

7.8% (2019 est.)

7.5% (2018 est.)

6.2% (2017 est.)

Credit ratings

Fitch rating: BBB- (2013)

Moody's rating: Baa2 (2014)

Standard & Poors rating: BBB (2015)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 6.2% (2017 est.)

industry: 24.1% (2017 est.)

services: 69.7% (2017 est.)

GDP - composition, by end use

household consumption: 66.8% (2017 est.)

government consumption: 14.3% (2017 est.)

investment in fixed capital: 16.7% (2017 est.)

investment in inventories: -1% (2017 est.)

exports of goods and services: 21.6% (2017 est.)

imports of goods and services: -18.4% (2017 est.)

Agricultural products

soybeans, milk, rice, maize, wheat, barley, beef, sugar cane, sorghum, oranges

Industries

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

Industrial production growth rate

-3.6% (2017 est.)

Labor force

1.748 million (2017 est.)

Labor force - by occupation

agriculture: 13%

industry: 14%

services: 73% (2010 est.)

Unemployment rate

7.6% (2017 est.)

7.9% (2016 est.)

Youth unemployment rate (ages 15-24)

total: 33.1%

male: 29%

female: 38.5% (2020 est.)

Population below poverty line

8.8% (2019 est.)

Gini Index coefficient - distribution of family income

39.7 (2018 est.)

41.9 (2013)

Household income or consumption by percentage share

lowest 10%: 1.9%

highest 10%: 30.8% (2014 est.)

Budget

revenues: 17.66 billion (2017 est.)

expenditures: 19.72 billion (2017 est.)

Budget surplus (+) or deficit (-)

-3.5% (of GDP) (2017 est.)

Public debt

65.7% of GDP (2017 est.)

61.6% 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 intragovernmental debt; intragovernmental 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.

Taxes and other revenues

29.8% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

$879 million (2017 est.)

$410 million (2016 est.)

Exports

$13.55 billion (2020 est.) note: data are in current year dollars

$16.99 billion (2019 est.) note: data are in current year dollars

$17.04 billion (2018 est.) note: data are in current year dollars

Exports - partners

China 29%, Brazil 12%, United States 5%, Netherlands 5%, Argentina 5% (2019)

Exports - commodities

sulfate wood pulp, beef, soybeans, concentrated milk, rice (2019)

Imports

$11.29 billion (2020 est.) note: data are in current year dollars

$13.31 billion (2019 est.) note: data are in current year dollars

$13.82 billion (2018 est.) note: data are in current year dollars

Imports - partners

Brazil 25%, China 15%, United States 11%, Argentina 11% (2019)

Imports - commodities

crude petroleum, packaged medicines, cars, broadcasting equipment, delivery trucks (2019)

Reserves of foreign exchange and gold

$15.96 billion (31 December 2017 est.)

$13.47 billion (31 December 2016 est.)

Debt - external

$43.705 billion (2019 est.)

$42.861 billion (2018 est.)

Exchange rates

Uruguayan pesos (UYU) per US dollar -

42.645 (2020 est.)

37.735 (2019 est.)

32.2 (2018 est.)

27.52 (2014 est.)

23.25 (2013 est.)

NOTE: The information regarding Uruguay on this page is re-published from the 2022 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Uruguay 2022 information contained here. All suggestions for corrections of any errors about Uruguay 2022 should be addressed to the CIA or the source cited on each page.