Uruguay Economy:
Uruguay's well-to-do economy is characterized by an export-oriented agricultural sector, a well-educated workforce, 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 massive withdrawals by Argentina of dollars deposited in Uruguayan banks led to a plunge in the Uruguyan 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 serious banking crisis. Unemployment rose to nearly 20% in 2002, inflation surged, and the burden of external debt doubled. Cooperation with the IMF limited the damage. The debt swap with private creditors carried out in 2003, which extended the maturity dates on nearly half of Uruguay's $11.3 billion in public debt, substantially alleviated the country's amortization burden in the coming years and restored public confidence. The economy grew about 10% in 2004 as a result of high commodity prices for Uruguayan exports, the weakness of the dollar against the euro, growth in the region, low international interest rates, and greater export competitiveness.
GDP (purchasing power parity):
$49.27 billion (2004 est.)
GDP real growth rate:
10.2% (2004 est.)
GDP per capita:
purchasing power parity: $14,500 (2004 est.)
GDP composition by sector:
agriculture: 7.9%
industry: 27.4%
services: 64.8%
(2004)
Labor force:
1.56 million (2004 est.)
Labor force by occupation:
agriculture: 14%, industry: 16%, services: 70%
Unemployment rate:
13% (2004 est.)
Population below poverty line:
21% of households (2003 est.)
Household income or consumption by percentage share:
lowest 10%: 3.7%
highest 10%: 25.8% (1997)
Distribution of family income Gini index:
44.8 (1999 est.)
Inflation rate (consumer prices):
7.6% (2004 est.)
Investment (gross fixed):
9.6% of GDP (2004 est.)
Budget:
revenues: $3.33 billion (2004 est.)
expenditures: $3.79 billion including capital expenditures of $193 million (2004 est.)
Agriculture products:
Rice, wheat, corn, barley; livestock; fish
Industries:
food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages
Industrial production growth rate:
22% (2004 est.)
Electricity production:
8.54 billion kWh (2003 est.)
Electricity consumption:
5.88 billion kWh (2003 est.)
Electricity exports:
954 million kWh (2003 est.)
Electricity imports:
434.2 million kWh (2003 est.)
Oil production:
0 bbl/day (2001 est.)
Oil consumption:
41,500 bbl/day (2001 est.)
Oil exports:
NA (2001 est.)
Oil imports:
NA (2001 est.)
Natural gas production:
0 cu m (2003 est.)
Natural gas consumption:
64.5 million cu m (2003 est.)
Natural gas exports:
0 cu m (2003 est.)
Natural gas imports:
65 million cu m (2003 est.)
Current account balance:
$181.8 million (2004 est.)
Exports:
$2.2 billion (f.o.b. 2003 est.)
Exports commodities:
meat, rice, leather products, wool, fish, dairy products
Exports partners:
US 17.3%%, Brazil 16%, Germany 6.3%%, Argentina 6.2%, Mexico 4.2% (2004)
Imports:
$2.07 billion (f.o.b. 2003 est.)
Imports commodities:
machinery, chemicals, road vehicles, crude petroleum
Imports partners:
Argentina 19.5%, Brazil 19%, Paraguay 12.9%, US 9.2%, China 6% (2004)
Reserves of foreign exchange and gold:
$2.36 billion (2004 est.)
Debt external:
$12.8 billion (March 2004 est.)
Economic aid recipient:
NA
Currency:
Uruguayan peso (UYU)
Exchange rates:
Uruguayan pesos per US$: 28.7 (2004 est.), 28.21 (2003 est.), 21.26 (2002 est.), 13.32 (2001 est.), 12.1 (2000 est.)
Fiscal year:
calendar year
|
