Uruguay:
Economy

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Other pages in this profile of Uruguay:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.


Economy - overview	Definition 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. For instance, in 2001-02 Argentina made massive withdrawals of dollars deposited in Uruguayan banks, which led to a plunge in the Uruguayan peso and a massive rise in unemployment. Total GDP in these four years dropped by nearly 20%, with 2002 the worst year due to the banking crisis. The unemployment rate rose to nearly 20% in 2002, inflation surged, and the burden of external debt doubled. Cooperation with the IMF helped stem the damage. Uruguay in 2007 improved its debt profile by paying off $1.1 billion in IMF debt, and continues to follow the orthodox economic plan set by the Fund in 2005. The construction of a pulp mill in Fray Bentos, which represents the largest foreign direct investment in Uruguay's history at $1.2 billion, came online in November 2007 and is expected to add 1.6% to GDP and boost already rising exports. The economy has grown strongly since 2004 as a result of high commodity prices for Uruguayan exports, a strong peso, growth in the region, and low international interest rates.
GDP (purchasing power parity)	Definition - World rank and map $37.19 billion (2007 est.)
GDP (official exchange rate)	Definition $22.95 billion (2007 est.)
GDP - real growth rate	Definition - World rank and map 7% (2007 est.)
GDP - per capita	Definition - World rank and map $11,600 (2007 est.)
GDP - composition by sector	Definition agriculture: 10.1% industry: 32% services: 57.9% (2007 est.)
Labor force	Definition 1.587 million (2007 est.)
Labor force - by occupation	Definition agriculture: 9% industry: 15% services: 76% (2007 est.)
Unemployment rate	Definition - World rank and map 9.2% (2007 est.)
Population below poverty line	Definition 27.4% of households (2006)
Household income or consumption by percentage share	Definition lowest 10%: 1.9% highest 10%: 34% (2003)
Distribution of family income - Gini index	Definition - World rank and map 45.2 (2006)
Inflation rate (consumer prices)	Definition - World rank and map 8.1% (2007)
Investment (gross fixed)	Definition - World rank and map 13.9% of GDP (2007 est.)
Budget	Definition revenues: $6.6 billion expenditures: $6.3 billion (2007 est.)
Public debt	Definition - World rank and map 67% of GDP (2007)
Agriculture - products	Definition rice, wheat, soybeans, barley; livestock, beef; fish; forestry
Industries	Definition food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages
Industrial production growth rate	Definition - World rank and map 7.9% (2007 est.)
Electricity - production	Definition - World rank and map 9.2 billion kWh (2007)
Electricity - consumption	Definition - World rank and map 7.03 billion kWh (2007)
Electricity - consumption per capita	Definition - World rank and map 2,021.5 kWh (2007)
Electricity - exports	Definition 1 billion kWh (2007)
Electricity - imports	Definition 780 million kWh (2007)
Oil - production	Definition - World rank and map 27,830 bbl/day (2007 est.)
Oil - consumption	Definition - World rank and map 33,400 bbl/day (2007 est.)
Oil - consumption per 1,000 people	Definition - World rank and map 9.6 bbl/day (2007 est.)
Oil - exports	Definition - World rank and map 4,410 bbl/day (2007)
Oil - imports	Definition - World rank and map 43,670 bbl/day (2007)
Oil - proved reserves	Definition - World rank and map NA
Natural gas - production	Definition - World rank and map 0 cu m (2007)
Natural gas - consumption	Definition - World rank and map 102.8 million cu m (2007 est.)
Natural gas - consumption per capita	Definition - World rank and map 30 cu m (2007 est.)
Natural gas - exports	Definition - World rank and map 0 cu m (2007 est.)
Natural gas - imports	Definition - World rank and map 116.9 million cu m (2007)
Natural gas - proved reserves	Definition - World rank and map 0 cu m (1 January 2006 est.)
Current account balance	Definition - World rank and map -$184 million (2007 est.)
Exports	Definition - World rank and map $5.063 billion f.o.b. (2007 est.)
Exports - commodities	Definition meat, rice, leather products, wool, fish, dairy products
Exports - partners	Definition Brazil 15.6%, US 9.7%, Argentina 7.1%, Mexico 6.6%, China 5.8%, Russia 5.4%, Germany 5% (2006)
Imports	Definition - World rank and map $5.554 billion f.o.b. (2007 est.)
Imports - commodities	Definition crude petroleum and petroleum products, machinery, chemicals, road vehicles, paper, plastics
Imports - partners	Definition Argentina 21%, Brazil 17.7%, US 9.1%, China 8.4%, Paraguay 7.4%, Venezuela 4.8%, Nigeria 4.4% (2006)
Reserves of foreign exchange and gold	Definition - World rank and map $4.112 billion (December 2007 est.)
Debt - external	Definition - World rank and map $11.42 billion (31 December 2007)
Stock of direct foreign investment - at home	Definition $4.19 billion (2007)
Stock of direct foreign investment - abroad	Definition $156 million (2007)
Market value of publicly traded shares	Definition $224 million (2007)
Economic aid - recipient	Definition $14.62 million (2005)
Currency (code)	Definition Uruguayan peso (UYU)
Exchange rates	Definition Uruguayan pesos per US dollar - 23.947 (2007), 24.048 (2006), 24.479 (2005), 28.704 (2004), 28.209 (2003)
Fiscal year	Definition calendar year

Uruguay: Economy

Uruguay:
Economy