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Economy of Uruguay
 World Trade Center Montevideo | |
| Currency | Uruguayan peso (UYU, $U) |
|---|---|
| Calendar year | |
Trade organizations | WTO, ALADI, Mercosur, Andean Community (associate) |
Country group | |
| Statistics | |
| Population |  3,444,263 (2023)[3] |
| GDP | |
| GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
|
 3.96% (April 2024)[7] | |
Population below poverty line | 9.1% (2022)[8] |
 40.6 medium (2022, World Bank)[9] | |
| |
 73 out of 100 points (2023)[11] (18th) | |
Labor force | |
Labor force by occupation |
|
| Unemployment | 7.8% (July 2023)[13] |
Main industries | food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages |
| External | |
| Exports |  $11.41 billion (2017 est.)[6] |
Export goods | beef, soybeans, cellulose, rice, wheat, wood, dairy products, wool |
Main export partners |
|
| Imports | $8.607 billion (2017 est.)[6] |
Import goods | refined oil, crude oil, passenger and other transportation vehicles, vehicle parts, cellular phones |
Main import partners |
|
FDI stock | |
| $879 million (2017 est.)[6] | |
Gross external debt | $28.37 billion (31 December 2017 est.)[6] |
| Public finances | |
| 57.4% of GDP (2022 est.)[6][note 1] | |
| −3.5% (of GDP) (2017 est.)[6] | |
| Revenues | 17.66 billion (2017 est.)[6] |
| Expenses | 19.72 billion (2017 est.)[6] |
| $15.96 billion (31 December 2017 est.)[6] | |
All values, unless otherwise stated, are in US dollars. | |
The economy of Uruguay features an export-oriented agricultural sector and a well-educated workforce, along with high levels of social spending. Tourism and banking are also prominent sectors; Uruguay acts as a regional hub for international finance and tourism. The country also has a history and representation of advanced workers-rights protection, with unions and the eight-hour work-day protected at the beginning of the 20th century.
90% of the country's population is urbanized, while most of the industry and over half of the population is concentrated in the capital Montevideo.[16]
After averaging growth of 5% annually during 1996–98, Uruguay's economy suffered a major downturn in 1999–2002, 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, causing the 2002 Uruguay banking crisis.
- ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
- ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
- ^ "Población en Uruguay aumentó 1%: se contabiliza en 3.444.263 habitantes". Uruguay Presidencia (in Spanish). Archived from the original on 28 November 2023. Retrieved 2024-07-15.
- ^ a b c d "Report for Selected Countries and Subjects: April 2024". imf.org. International Monetary Fund.
- ^ a b c "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. April 11, 2023.
- ^ a b c d e f g h i j k l m n o "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 28 January 2019.
- ^ "Índice de Precios del Consumo (IPC)". Instituto Nacional de Estadística. 2024-05-03. Retrieved 2024-05-05.
- ^ "Uruguay ratifica baja de la pobreza en el último año". ine.gub.uy (in Spanish). Instituto Nacional de Estadística. 2023-03-27. Retrieved 2024-05-05.
- ^ "GINI index (World Bank estimate) - Uruguay". data.worldbank.org. World Bank. Retrieved 15 July 2024.
- ^ a b "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 17 April 2024.
- ^ "Corruption Perceptions Index". Transparency International. 30 January 2024. Archived from the original on 30 January 2024. Retrieved 15 July 2024.
- ^ "Labor force, total - Uruguay". data.worldbank.org. World Bank. Retrieved 27 April 2021.
- ^ a b "Actividad, Empleo y Desempleo". ine.gub.uy. Instituto Nacional de Estadística. Retrieved 27 April 2021.
- ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
- ^ a b c Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. London. Retrieved 28 May 2011.
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