Economy Of Uruguay - Uruguay Information

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Economy Of Uruguay
Uruguay Information - Country Guides

Economy overview	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 and the US has 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 is expected to resume growth in 2004 (perhaps 4% or more) 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. On the negative side, in December 2003 the electorate voted to repeal the law permitting a cautious liberalization of the energy industry.
GDP	purchasing power parity - $43.67 billion (2004 est.)
GDP - real growth rate	2.5% (2004 est.)
GDP - per capita	purchasing power parity - $12,800 (2004 est.)
GDP - composition by sector	agriculture: 7.4% industry: 26.6% services: 66% (2004 est.)
Investment gross fixed	9.7% of GDP (2004 est.)
Population below poverty line	23.7% (2002)
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)
Inflation rate consumer prices	19.4% (2004 est.)
Labor force	1.56 million (2004 est.)
Labor force by occupation	agriculture 14%, industry 16%, services 70%
Unemployment rate	16% (2004 est.)
Budget	revenues: $2.934 billion expenditures: $3.425 billion, including capital expenditures of $193 million (2004 est.)
Public debt
Agriculture products	rice, wheat, corn, barley; livestock; fish
Industries	food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages
Industrial production growth rate	0.7% (2004 est.)
Electricity production	7.963 billion kWh (2001)
Electricity production by source	fossil fuel: 0.7% hydro: 99.1% other: 0.3% (2001) nuclear: 0%
Electricity consumption	6.152 billion kWh (2001)
Electricity exports	1.377 billion kWh (2001)
Electricity imports	123 million kWh (2001)
Oil production	0 bbl/day (2001 est.)
Oil consumption	41,500 bbl/day (2001 est.)
Oil exports	NA (2001)
Oil imports	NA (2001)
Oil proved reserves
Natural gas production	0 cu m (2001 est.)
Natural gas consumption	40 million cu m (2001 est.)
Natural gas exports	0 cu m (2001 est.)
Natural gas imports	40 million cu m (2001 est.)
Natural gas proved reserves
Current account balance	$76 million (2004 est.)
Exports	$2.164 billion f.o.b. (2004 est.)
Exports commodities	meat, rice, leather products, wool, fish, dairy products
Exports partners	Brazil 21.4%, US 11.4%, Argentina 7.1%, Germany 6.6%, China 4.3%, Mexico 4.1%, Italy 4.1%, Canada 4% (2003)
Imports	$1.989 billion f.o.b. (2003 est.)
Imports commodities	machinery, chemicals, road vehicles, crude petroleum
Imports partners	Argentina 26.1%, Brazil 21%, Russia 11.7%, US 7.6% (2003)
Reserves of foreign exchange gold	$2.087 billion (2004 est.)
Debt external	$10.73 billion (2004 est.)
Economic aid recipient	NA
Currency	Uruguayan peso (UYU)
Currency code	UYU
Exchange rates	Uruguayan pesos per US dollar - 28.2091 (2003), 21.257 (2002), 13.3191 (2001), 12.0996 (2000), 11.3393 (1999)
Fiscal year	calendar year

Uruguayan Flag Map Of Uruguay

Economy Of UruguayUruguay Information - Country Guides

Economy Of Uruguay
Uruguay Information - Country Guides