Uruguay: Economy#
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 in 2012-13 as a result of a renewed slowdown in the global economy and in Uruguay's main trade partners and Mercosur counterparts, Argentina and Brazil.
Economic Facts#
| GDP (purchasing power parity) | $73.93 billion (2016 est.) $73.86 billion (2015 est.) $73.14 billion (2014 est.) note: data are in 2016 dollars |
|---|---|
| GDP (official exchange rate) | $54.37 billion (2015 est.) |
| GDP - real growth rate | 0.1% (2016 est.) 1% (2015 est.) 3.2% (2014 est.) |
| GDP - per capita (PPP) | $21,600 (2016 est.) $21,600 (2015 est.) $21,500 (2014 est.) note: data are in 2016 dollars |
| Gross national saving | 17.1% of GDP (2016 est.) 16.3% of GDP (2015 est.) 16.7% of GDP (2014 est.) |
| GDP - composition, by end use | household consumption: 67.2% government consumption: 14.2% investment in fixed capital: 19.3% investment in inventories: -0.2% exports of goods and services: 22% imports of goods and services: -22.5% (2016 est.) |
| GDP - composition, by sector of origin | agriculture: 6.3% industry: 26.1% services: 67.6% (2016 est.) |
| Agriculture - products | soybeans, rice, wheat; beef, dairy products; fish; lumber, cellulose |
| Industries | food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages |
| Industrial production growth rate | 3.5% (2016 est.) |
| Labor force | 1.736 million (2016 est.) |
| Labor force - by occupation | agriculture: 13% industry: 14% services: 73% (2010 est.) |
| Unemployment rate | 7.6% (2016 est.) 7.5% (2015 est.) |
| Population below poverty line | 18.6% (2010 est.) |
| Household income or consumption by percentage share | lowest 10%: 1.9% highest 10%: 34.4% (2010 est.) |
| Distribution of family income - Gini index | 45.3 (2010) 44.8 (1999) |
| Budget | revenues: $14.29 billion expenditures: $15.9 billion (2016 est.) |
| Taxes and other revenues | 26.3% of GDP (2016 est.) |
| Budget surplus (+) or deficit (-) | -3% of GDP (2016 est.) |
| Public debt | 62.8% of GDP (2016 est.) 66.3% of GDP (2015 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 in |
| Fiscal year | calendar year |
| Inflation rate (consumer prices) | 10.2% (2016 est.) 8.7% (2015 est.) |
| 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 |
| Commercial bank prime lending rate | 15.5% (31 December 2016 est.) 15.84% (31 December 2015 est.) |
| Stock of narrow money | $4.121 billion (31 December 2016 est.) $4.022 billion (31 December 2015 est.) |
| Stock of broad money | $8.568 billion (31 December 2014 est.) $8.919 billion (31 December 2013 est.) |
| Stock of domestic credit | $17.87 billion (31 December 2016 est.) $17.2 billion (31 December 2015 est.) |
| 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.) |
| Current account balance | -$1.586 billion (2016 est.) -$1.864 billion (2015 est.) |
| Exports | $9.042 billion (2016 est.) $9.067 billion (2015 est.) |
| Exports - commodities | beef, soybeans, cellulose, rice, wheat, wood, dairy products; wool |
| Exports - partners | China 15%, Brazil 14.4%, US 6.5%, Argentina 4.9% (2015) |
| Imports | $9.075 billion (2016 est.) $9.345 billion (2015 est.) |
| Imports - commodities | refined oil, crude oil, passenger and other transportation vehicles, vehicle parts, cellular phones |
| Imports - partners | Brazil 18.2%, China 17.4%, Argentina 12.6%, US 9.1%, Germany 4.5%, Nigeria 4.1% (2015) |
| Reserves of foreign exchange and gold | $14.85 billion (31 December 2016 est.) $15.63 billion (31 December 2015 est.) |
| Debt - external | $21.3 billion (31 December 2016 est.) $20.07 billion (31 December 2015 est.) |
| Stock of direct foreign investment - at home | $23.3 billion (31 December 2016 est.) $21.65 billion (31 December 2015 est.) |
| Stock of direct foreign investment - abroad | $272.1 million (31 December 2016 est.) $153.5 million (31 December 2015 est.) |
| Exchange rates | Uruguayan pesos (UYU) per US dollar - 32.03 (2016 est.) 27.52 (2015 est.) 27.52 (2014 est.) 23.246 (2013 est.) 20.31 (2012 est.) |