Economy of Uruguay information

Economy of Uruguay
	World Trade Center Montevideo
Currency	Uruguayan peso (UYU, $U)
Fiscal year	Calendar year
Trade organizations	WTO, ALADI, Mercosur, Andean Community (associate)
Country group	Developing/Emerging; High-income economy;
Statistics
Population	3,496,016 (2022)
GDP	$82.6 billion (nominal, 2024); $108 billion (PPP, 2024);
GDP rank	76th (nominal, 2024); 97th (PPP, 2024);
GDP growth	4.9% (2022); 2.0% (2023f); 2.9% (2024f);
GDP per capita	$23,088 (nominal, 2024); $30,170 (PPP, 2024);
GDP per capita rank	49th (nominal, 2024); 65th (PPP, 2024);
GDP by sector	agriculture: 6.2%; industry: 24.1%; services: 69.7%; (2017 est.);
Inflation (CPI)	9.12% (February 2021)
Population below poverty line	11.6% (2020)
Gini coefficient	39.7 medium (2018, World Bank)
Human Development Index	0.830 very high (2022) (52nd); 0.720 high (52nd) IHDI (2022);
Labor force	1,686,487 (2020); 54.9% employment rate (February 2021);
Labor force by occupation	agriculture: 13%; industry: 14%; services: 73%; (2010 est.);
Unemployment	11.1% (February 2021)
Main industries	food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages
External
Exports	$11.41 billion (2017 est.)
Export goods	beef, soybeans, cellulose, rice, wheat, wood, dairy products, wool
Main export partners	China 19%; Brazil 16.1%; United States 5.7%; Argentina 5.4%; (2017);
Imports	$8.607 billion (2017 est.)
Import goods	refined oil, crude oil, passenger and other transportation vehicles, vehicle parts, cellular phones
Main import partners	China 20%; Brazil 19.5%; Argentina 12.6%; United States 10.9%; (2017);
FDI stock	$44.84 billion (31 December 2017 est.); Abroad: $19.97 billion (31 December 2017 est.);
Current account	$879 million (2017 est.)
Gross external debt	$28.37 billion (31 December 2017 est.)
Public finances
Government debt	65.7% of GDP (2017 est.)
Budget balance	−3.5% (of GDP) (2017 est.)
Revenues	17.66 billion (2017 est.)
Expenses	19.72 billion (2017 est.)
Credit rating	Standard & Poor's:; BB (Domestic); BB (Foreign); BBB- (T&C Assessment); Outlook: Stable; Moody's:; Ba1; Outlook: Stable; Fitch:; BB; Outlook: Positive;
Foreign reserves	$15.96 billion (31 December 2017 est.)
	Main data source: CIA World Fact Book ; All values, unless otherwise stated, are in US dollars.

The economy of Uruguay features an export-oriented agricultural sector and a well-educated workforce, along with high levels of social spending. Tourism and banking are also prominent sectors; Uruguay acts as a regional hub for international finance and tourism. The country also has a history and representation of advanced workers-rights protection, with unions and the eight-hour work-day protected at the beginning of the 20th century.

90% of the country's population is urbanized, while most of the industry and over half of the population is concentrated in the capital Montevideo.^[15]

After averaging growth of 5% annually during 1996–98, Uruguay's economy suffered a major downturn in 1999–2002, stemming largely from the spillover effects of the economic problems of its large neighbors; Argentina and Brazil. In 2001–02, Argentine citizens made massive withdrawals of dollars deposited in Uruguayan banks after bank deposits in Argentina were frozen, which led to a plunge in the Uruguayan peso, causing the 2002 Uruguay banking crisis.

^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
^ "Population, total - Uruguay". data.worldbank.org. World Bank. Retrieved 5 December 2019.
^ ^a ^b ^c ^d "Report for Selected Countries and Subjects: April 2024". imf.org. International Monetary Fund.
^ ^a ^b ^c "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. April 11, 2023.
^ ^a ^b ^c ^d ^e ^f ^g ^h ⁱ ^j ^k ^l ^m ⁿ ^o "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 28 January 2019.
^ "Índice de Precios del Consumo (IPC)". Instituto Nacional de Estadística. 2021-03-03. Retrieved 2021-03-24.
^ "Estimación de la pobreza por el método de ingreso 2020". ine.gub.uy (in Spanish). Instituto Nacional de Estadística. 2021-03-25. Retrieved 2021-03-25.
^ "GINI index (World Bank estimate) - Uruguay". data.worldbank.org. World Bank. Retrieved 21 March 2020.
^ ^a ^b "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 17 April 2024.
^ "Labor force, total - Uruguay". data.worldbank.org. World Bank. Retrieved 27 April 2021.
^ ^a ^b "Actividad, Empleo y Desempleo". ine.gub.uy. Instituto Nacional de Estadística. Retrieved 27 April 2021.
^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
^ ^a ^b ^c Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. London. Retrieved 28 May 2011.
^ Cite error: The named reference :0 was invoked but never defined (see the help page).

Cite error: There are <ref group=note> tags on this page, but the references will not show without a {{reflist|group=note}} template (see the help page).

[1] "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.

[2] "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.

[3] "Population, total - Uruguay". data.worldbank.org. World Bank. Retrieved 5 December 2019.

[imfuy-4] "Report for Selected Countries and Subjects: April 2024". imf.org. International Monetary Fund.

[IMF_forecast-5] "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. April 11, 2023.

[CIAWFUY-6] ^ ^a ^b ^c ^d ^e ^f ^g ^h ⁱ ^j ^k ^l ^m ⁿ ^o "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 28 January 2019.

[7] "Índice de Precios del Consumo (IPC)". Instituto Nacional de Estadística. 2021-03-03. Retrieved 2021-03-24.

[8] "Estimación de la pobreza por el método de ingreso 2020". ine.gub.uy (in Spanish). Instituto Nacional de Estadística. 2021-03-25. Retrieved 2021-03-25.

[9] "GINI index (World Bank estimate) - Uruguay". data.worldbank.org. World Bank. Retrieved 21 March 2020.

[uyhdi-10] "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 17 April 2024.

[11] "Labor force, total - Uruguay". data.worldbank.org. World Bank. Retrieved 27 April 2021.

[AEU-12] "Actividad, Empleo y Desempleo". ine.gub.uy. Instituto Nacional de Estadística. Retrieved 27 April 2021.

[14] "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.

[guardian-15] Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. London. Retrieved 28 May 2011.

[:0-16] Cite error: The named reference :0 was invoked but never defined (see the help page).

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