Economy of Uruguay
| Currency | Uruguayan peso ($, UYU) |
|---|---|
| Calendar year | |
| Statistics | |
| Population | 3,416,000 (2015 est.) |
| GDP |
 $72.577 billion (2015 est.) |
|
GDP growth
|
2.8% (2015 est.) |
|
GDP per capita
|
$21,247 (PPP, 2015 est.) |
|
GDP by sector
|
agriculture: 7.5%; industry: 20.6%; services: 71.9% (2015 est.)[1][2] |
 7.9% (CPI, 2015 est.) |
|
|
Population below poverty line
|
9.7% (2014) |
| 45.3 (2010) | |
|
Labor force
|
1.7 million (2013 est.) |
|
Labor force by occupation
|
agriculture: 13%; industry: 14%; services: 73% (2010 est.) |
| Unemployment |
6.772% (2015 est.) |
|
Main industries
|
food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages |
| 90th (2017) | |
| External | |
| Exports |
$9.812 billion (2012 est.) |
|
Export goods
|
beef, soybeans, cellulose, rice, wheat, wood, dairy products, wool |
|
Main export partners
|
 Brazil 18.5% China 17.9% Argentina 6.8% Germany 4.3% (2012 est.) |
| Imports |
$10.97 billion (2012 est.) |
|
Import goods
|
refined oil, crude oil, passenger and other transportation vehicles, vehicle parts, cellular phones |
|
Main import partners
|
China 16.1% Argentina 15.8% Brazil 14.6% United States 8.9% Paraguay 7.6% (2012 est.) |
|
FDI stock
|
$15.2 billion (31 December 2010 est.) |
|
Gross external debt
|
$15.9 billion (31 December 2012 est.) |
| Public finances | |
| 57.2% of GDP (2012 est.) | |
| Revenues | $15.937 billion (2015 est.) |
| Expenses | $17.438 billion (2015 est.) |
|
|
|
Foreign reserves
|
$18.320 billion (April 2015) |
 |
|---|
|
Communications |
The economy of Uruguay is characterized by an export-oriented agricultural sector and a well-educated work force, along with high levels of social spending. After averaging growth of 5% annually during 1996–98, in 1999–2002 the economy suffered a major downturn, 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, a banking crisis, and a sharp economic contraction. Real GDP fell in four years by nearly 20%, with 2002 the worst year. The unemployment rate rose, inflation surged, and the burden of external debt doubled. Financial assistance from the IMF helped stem the damage. Uruguay restructured its external debt in 2003 without asking creditors to accept a reduction on the principal. Economic growth for Uruguay resumed, and 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 2.9% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment, and GDP growth exceeded 7% in 2010.
Uruguay has a partially dollarized economy. As of August 2008[update] almost 60% of bank loans use United States dollars, but most transactions use the Uruguayan peso.
Throughout Uruguay's history, their strongest exporting industries have been beef and wool. In the case of beef exports, they have been boosted since Uruguay joined the Mercosur agreement in 1991 and the country has been able to reach more distant markets, such as Japan. In the case of wool exports, they have not been doing so well in recent years suffering from other competitors in the market like New Zealand and the fluctuations of its demand during the 2008/09 recession in the developed world. At the same time with timber refining being kept within the country, forestry has become a growth industry in the recent years.
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Wikipedia