Uruguay Economy Profile 2009

Economy - overview

Uruguay's economy is characterized by an export-oriented agricultural sector, a well-educated work force, and 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.

GDP (purchasing power parity)

$43.16 billion (2008 est.)
$39.64 billion (2007 est.)
$36.9 billion (2006 est.)
note: data are in 2008 US dollars

GDP (official exchange rate)

$32.26 billion (2008 est.)

GDP - real growth rate

8.9% (2008 est.)
7.4% (2007 est.)
7% (2006 est.)

GDP - per capita (PPP)

$12,400 (2008 est.)
$11,500 (2007 est.)
$10,700 (2006 est.)
note: data are in 2008 US dollars

GDP - composition by sector

agriculture: 9.5%
industry: 23.4%
services: 67.1% (2008 est.)

Population below poverty line

27.4% of households (2006)

Labor force

1.641 million (2008 est.)

Labor force - by occupation

agriculture: 9%
industry: 15%
services: 76% (2007 est.)

Unemployment rate

7.6% (2008 est.)
9.2% (2007 est.)

Household income or consumption by percentage share

lowest 10%: 1.7%
highest 10%: 34.8% (2006)

Distribution of family income - Gini index

45.2 (2006)
44.8 (1999)

Investment (gross fixed)

18.7% of GDP (2008 est.)

Budget

revenues: $8.16 billion
expenditures: $8.555 billion (2008 est.)

Public debt

59.7% of GDP (2008 est.)
64.8% of GDP (2007 est.)

Inflation rate (consumer prices)

7.9% (2008)
8.1% (2007 est.)

Central bank discount rate

NA% (31 December 2008)
10% (31 December 2007)

Commercial bank prime lending rate

7% (February 2009)
7.25% (31 December 2007)

Stock of money

$2.121 billion (31 December 2008)
$2.145 billion (31 December 2007)

Stock of quasi money

$9.286 billion (31 December 2008)
$7.919 billion (31 December 2007)

Stock of domestic credit

$7.562 billion (31 December 2008)
$6.396 billion (31 December 2007)

Industries

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

Industrial production growth rate

8% (2008 est.)

Electricity - production

9.2 billion kWh (2007)

Electricity - production by source

fossil fuel: 0.7%
hydro: 99.1%
nuclear: 0%
other: 0.3% (2001)

Electricity - consumption

7.03 billion kWh (2007)

Electricity - exports

995.4 million kWh (2007 est.)

Electricity - imports

788.4 million kWh (2007 est.)

Oil - production

936 bbl/day (2007 est.)

Oil - consumption

33,400 bbl/day (2007 est.)

Oil - imports

43,670 bbl/day (2007)

Oil - exports

4,410 bbl/day (2007)

Oil - proved reserves

NA bbl

Natural gas - production

0 cu m (2007 est.)

Natural gas - consumption

102.8 million cu m (2007 est.)

Natural gas - exports

0 cu m (2007 est.)

Natural gas - imports

116.9 million cu m (2007)

Natural gas - proved reserves

0 cu m (1 January 2006 est.)

Current Account Balance

-$1.119 billion (2008 est.)
-$82.7 million (2007 est.)

Agriculture - products

rice, wheat, soybeans, barley; livestock, beef; fish; forestry

Exports

$7.1 billion (2008 est.)
$5.043 billion (2007 est.)

Exports - commodities

meat, rice, leather products, wool, fish, dairy products

Exports - partners

Brazil 18.2%, China 9%, Argentina 7.1%, Germany 6.3%, Mexico 5.5%, Netherlands 4.4%, Russia 4.2% (2008)

Imports

$8.654 billion (2008 est.)
$5.598 billion (2007 est.)

Imports - commodities

crude petroleum and petroleum products, machinery, chemicals, road vehicles, paper, plastics

Imports - partners

Brazil 17.3%, Argentina 16%, China 11.9%, US 10.4%, Paraguay 6.9%, Nigeria 4.8% (2008)

Reserves of foreign exchange and gold

$6.36 billion (31 December 2008 est.)
$4.121 billion (31 December 2007 est.)

Debt - external

$10.74 billion (31 December 2008)
$11.07 billion (31 December 2007)

Stock of direct foreign investment - at home

$4.19 billion (2007)

Stock of direct foreign investment - abroad

$156 million (2007)

Market value of publicly traded shares

$NA (31 December 2008)
$159 million (31 December 2007)
$125.1 million (31 December 2006)

Economic aid - recipient

$14.62 million (2005)

Currency (code)

UYU

Currency (code)

Uruguayan peso (UYU)

Exchange rates

Uruguayan pesos (UYU) per US dollar - 20.936 (2008 est.), 23.947 (2007), 24.048 (2006), 24.479 (2005), 28.704 (2004)

Fiscal year

calendar year