Uruguay Economy - 2024

Economic overview

high-income, export-oriented South American economy; South America’s largest middle class; low socioeconomic inequality; growing homicide rates; growing Chinese and EU relations; 2019 Argentine recession hurt; key milk, beef, rice, and wool exporter

Real GDP (purchasing power parity)

$78.121 billion (2021 est.)
$74.852 billion (2020 est.)
$79.733 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

4.37% (2021 est.)
-6.12% (2020 est.)
0.35% (2019 est.)

Real GDP per capita

$22,800 (2021 est.)
$21,800 (2020 est.)
$23,300 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$56.108 billion (2019 est.)

Inflation rate (consumer prices)

7.75% (2021 est.)
9.76% (2020 est.)
7.88% (2019 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

5.87% (2021 est.)

Labor force

1.702 million (2021 est.)

Unemployment rate

10.45% (2021 est.)
10.35% (2020 est.)
8.88% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 32.9% (2021 est.)

male: 28.3%

female: 38.7%

Population below poverty line

8.8% (2019 est.)

Gini Index coefficient - distribution of family income

40.2 (2020 est.)

Average household expenditures

on food: 18.6% of household expenditures (2018 est.)

on alcohol and tobacco: 1.3% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.9%

highest 10%: 30.8% (2014 est.)

Remittances

0.21% of GDP (2021 est.)
0.21% of GDP (2020 est.)
0.18% of GDP (2019 est.)

Budget

revenues: $14.991 billion (2020 est.)

expenditures: $17.571 billion (2020 est.)

Budget surplus (+) or deficit (-)

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

Public debt

60.4% of GDP (2020 est.)
50.94% of GDP (2019 est.)
47.95% of GDP (2018 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

18.55% (of GDP) (2020 est.)

Fiscal year

calendar year

Current account balance

-$1.073 billion (2021 est.)
-$448.402 million (2020 est.)
$980.513 million (2019 est.)

Exports

$18.82 billion (2021 est.) note: data are in current year dollars
$13.596 billion (2020 est.) note: data are in current year dollars
$17.087 billion (2019 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

$15.051 billion (2021 est.) note: data are in current year dollars
$11.212 billion (2020 est.) note: data are in current year dollars
$13.336 billion (2019 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

$16.963 billion (31 December 2021 est.)
$16.25 billion (31 December 2020 est.)
$14.504 billion (31 December 2019 est.)

Debt - external

$43.705 billion (2019 est.)
$42.861 billion (2018 est.)

Exchange rates

Uruguayan pesos (UYU) per US dollar -

Exchange rates:
43.555 (2021 est.)
42.013 (2020 est.)
35.255 (2019 est.)
30.725 (2018 est.)
28.676 (2017 est.)