Economy of Uruguay

Economy of Uruguay

World Trade Center Montevideo
Currency	Uruguayan peso (UYU, $U)
Fiscal year	Calendar year
Trade organizations	WTO, ALADI, Mercosur, Andean Community (associate)
Country group	Developing/Emerging[1] High-income economy[2]
Statistics
Population	3,496,016 (2022)[3]
GDP	$82.6 billion (nominal, 2024)[4] $108 billion (PPP, 2024)[4]
GDP rank	76th (nominal, 2024) 97th (PPP, 2024)
GDP growth	4.9% (2022)[5] 2.0% (2023f)[5] 2.9% (2024f)[5]
GDP per capita	$23,088 (nominal, 2024)[4] $30,170 (PPP, 2024)[4]
GDP per capita rank	49th (nominal, 2024) 65th (PPP, 2024)
GDP by sector	agriculture: 6.2% industry: 24.1% services: 69.7% (2017 est.)[6]
Inflation (CPI)	3.96% (April 2024)[7]
Population below poverty line	9.1% (2022)[8]
Gini coefficient	39.7 medium (2018, World Bank)[9]
Human Development Index	0.830 very high (2022)[10] (52nd) 0.720 high (52nd) IHDI (2022)[10]
Labor force	1,686,487 (2020)[11] 54.9% employment rate (February 2021)[12]
Labor force by occupation	agriculture: 13% industry: 14% services: 73% (2010 est.)[6]
Unemployment	7.8% (July 2023)[12]
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	China 19%  Brazil 16.1%  United States 5.7%  Argentina 5.4% (2017)[6]
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	China 20%  Brazil 19.5%  Argentina 12.6%  United States 10.9% (2017)[6]
FDI stock	$44.84 billion (31 December 2017 est.)[6] Abroad: $19.97 billion (31 December 2017 est.)[6]
Current account	$879 million (2017 est.)[6]
Gross external debt	$28.37 billion (31 December 2017 est.)[6]
Public finances
Government debt	57.4% of GDP (2022 est.)[6][note 1]
Budget balance	−3.5% (of GDP) (2017 est.)[6]
Revenues	17.66 billion (2017 est.)[6]
Expenses	19.72 billion (2017 est.)[6]
Credit rating	Standard & Poor's:[13][14] BB (Domestic) BB (Foreign) BBB+ (T&C Assessment) Outlook: Stable Moody's:[14] Ba1 Outlook: Stable Fitch:[14] BB Outlook: Positive
Foreign reserves	$15.96 billion (31 December 2017 est.)[6]
Main data source: CIA World Fact Book 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.^[15]

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.

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