Economy of Uruguay

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Economy of Uruguay
WTC Free zone, WTC IV, WTC I, II & III, Montevideo Shopping, torre náutica, Torres del Puero.jpg
Skyline of Montevideo
CurrencyUruguayan peso ($, UYU)
Calendar year
Statistics
GDPIncrease$53.55 billion (PPP, 2012 est.)
GDP growth
Increase3.8% (2012 est.)[1]
GDP per capita
Increase$15,800 (PPP, 2012 est.)
GDP by sector
agriculture: 9.1%; industry: 21.5%; services: 69.3% (2012 est.)
Steady8.1% (CPI, 2012 est.)
Population below poverty line
18.6% (2010)
45.3 (2010)
Labour force
1.691 million (2012 est.)
Labour force by occupation
agriculture: 13%; industry: 14%; services: 73% (2010 est.)
UnemploymentIncrease6.1% (2012 est.)
Main industries
food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages
90th[2]
External
ExportsIncrease$9.812 billion (2012 est.)
Export goods
beef, soybeans, cellulose, rice, wheat, wood, dairy products, wool
Main export partners
 Brazil 18.5%
 China 17.9%
 Argentina 6.8%
 Germany 4.3% (2012 est.)[3]
ImportsIncrease$10.97 billion (2012 est.)
Import goods
refined oil, crude oil, passenger and other transportation vehicles, vehicle parts, cellular phones
Main import partners
 China 16.1%
 Argentina 15.8%
 Brazil 14.6%
 United States 8.9%
 Paraguay 7.6% (2012 est.)[4]
FDI stock
Increase$15.2 billion (31 December 2010 est.)
Increase$15.9 billion (31 December 2012 est.)
Public finances
57.2% of GDP (2012 est.)Note: data cover general government debt, and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions.
Revenues$14.28 billion (2012 est.)
Expenses$15.07 billion (2012 est.)
Foreign reserves
US$7.830 billion (March 2011)[7]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.
 
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Economy of Uruguay
WTC Free zone, WTC IV, WTC I, II & III, Montevideo Shopping, torre náutica, Torres del Puero.jpg
Skyline of Montevideo
CurrencyUruguayan peso ($, UYU)
Calendar year
Statistics
GDPIncrease$53.55 billion (PPP, 2012 est.)
GDP growth
Increase3.8% (2012 est.)[1]
GDP per capita
Increase$15,800 (PPP, 2012 est.)
GDP by sector
agriculture: 9.1%; industry: 21.5%; services: 69.3% (2012 est.)
Steady8.1% (CPI, 2012 est.)
Population below poverty line
18.6% (2010)
45.3 (2010)
Labour force
1.691 million (2012 est.)
Labour force by occupation
agriculture: 13%; industry: 14%; services: 73% (2010 est.)
UnemploymentIncrease6.1% (2012 est.)
Main industries
food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages
90th[2]
External
ExportsIncrease$9.812 billion (2012 est.)
Export goods
beef, soybeans, cellulose, rice, wheat, wood, dairy products, wool
Main export partners
 Brazil 18.5%
 China 17.9%
 Argentina 6.8%
 Germany 4.3% (2012 est.)[3]
ImportsIncrease$10.97 billion (2012 est.)
Import goods
refined oil, crude oil, passenger and other transportation vehicles, vehicle parts, cellular phones
Main import partners
 China 16.1%
 Argentina 15.8%
 Brazil 14.6%
 United States 8.9%
 Paraguay 7.6% (2012 est.)[4]
FDI stock
Increase$15.2 billion (31 December 2010 est.)
Increase$15.9 billion (31 December 2012 est.)
Public finances
57.2% of GDP (2012 est.)Note: data cover general government debt, and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions.
Revenues$14.28 billion (2012 est.)
Expenses$15.07 billion (2012 est.)
Foreign reserves
US$7.830 billion (March 2011)[7]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

The economy of Uruguay is characterized by an export-oriented agricultural sector and a well-educated work force, along with 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. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.9% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment, and GDP growth exceeded 7% in 2010.

Currency[edit]

Uruguay has a partially dollarized economy. As of August 2008 almost 60% of bank loans use United States dollars,[8] but most transactions use the Uruguayan peso.[9]

Specialties of Uruguay[edit]

"With a population of only three million, Uruguay has rapidly become Latin America's outsourcing hub. In partnership with one of India's largest technology consulting firms, engineers in Montevideo work while their counterparts in Mumbai sleep." - The New York Times, Sep 22, 2006

Raw Data[edit]

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Uruguay

See also[edit]

External Links[edit]

References[edit]

  1. ^ [1]
  2. ^ "Doing Business in Uruguay 2012". World Bank. Retrieved 2011-11-21. 
  3. ^ "Export Partners of Uruguay". CIA World Factbook. 2012. Retrieved 2013-07-25. 
  4. ^ "Import Partners of Uruguay". CIA World Factbook. 2012. Retrieved 2013-07-25. 
  5. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011. 
  6. ^ 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. 
  7. ^ "International Reserves and Foreign Currency Liquidity - URUGUAY". International Monetary Fund. 6 May 2011. Retrieved 31 May 2011. 
  8. ^ Piñón, Marco; Gelos, Gaston (2008-08-28). "Uruguay's Monetary Policy Effective Despite Dollarization". IMF Survey Magazine. Retrieved March 4, 2012. 
  9. ^ Piñón, Marco; Gelos, Gaston; López-Mejía, Alejandro (editors) (2008). Macroeconomic Implications of Financial Dollarization: The Case of Uruguay. International Monetary Fund. p. 2. ISBN 978-1-58906-727-1. 
  10. ^ http://www.aca.com.uy/datos_estadisticos/exportaciones_2006.htm
  11. ^ Secretariado Uruguayo de la Lana
  12. ^ Conaprole
  13. ^ SAMAN. Principal exportador de arroz de América Latina. The leading rice exporter in Latin America
  14. ^ GeneXus.com
  15. ^ Core Bancario - Core Banking Solution - Bantotal
  16. ^ Welcome to Quanam: A knowledge company::: ORACLE CERTIFIED ADVANTAGE PARTNER