Economy - overview:

Uruguay's well-to-do economy is characterized by an export-oriented agricultural sector, a well-educated work force, 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 Argentina made massive withdrawals of dollars deposited in Uruguayan banks, which led to a plunge in the Uruguayan 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 banking crisis. The unemployment rate rose to nearly 20% in 2002, inflation surged, and the burden of external debt doubled. Cooperation with the IMF helped stem the damage. A debt swap with private-sector creditors in 2003 extended the maturity dates on nearly half of Uruguay's then $11.3 billion of public debt and helped restore public confidence. The economy grew about 12% in 2004 as a result of high commodity prices for Uruguayan exports, a competitive peso, growth in the region, and low international interest rates, and it continued to grow nearly 7% annually in 2005 and 2006.
GDP (purchasing power parity):
$36.56 billion (2006 est.)
GDP (official exchange rate):
$14.3 billion (2006 est.)
GDP - real growth rate:
7% (2006 est.)
GDP - per capita (PPP):
$10,700 (2006 est.)
GDP - composition by sector:
agriculture: 9.3%
industry: 33.7%
services: 57% (2006 est.)
Labor force:
1.27 million (2006 est.)
Labor force - by occupation:
agriculture: 14%
industry: 16%
services: 70%
Unemployment rate:
10.8% (2006 est.)
Population below poverty line:
27.37% of households (2006)
Household income or consumption by percentage share:
lowest 10%: 3.7%
highest 10%: 25.8% (1997)
Distribution of family income - Gini index:
45.2 (2006)
Inflation rate (consumer prices):
6.5% (2006 est.)
Investment (gross fixed):
13.6% of GDP (2006 est.)
Budget:
revenues: $5.203 billion
expenditures: $5.449 billion; including capital expenditures of $193 million (2006 est.)
Public debt:
70.6% of GDP (2006 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:
12.6% (2006 est.)
Electricity - production:
8.183 billion kWh (2004)
Electricity - consumption:
9.939 billion kWh (2004)
Electricity - exports:
19 million kWh (2004)
Electricity - imports:
2.348 billion kWh (2004)
Oil - production:
513.5 bbl/day (2004 est.)
Oil - consumption:
38,100 bbl/day (2004 est.)
Oil - exports:
NA bbl/day
Oil - imports:
NA bbl/day
Natural gas - production:
0 cu m (2004 est.)
Natural gas - consumption:
120 million cu m (2004 est.)
Natural gas - exports:
0 cu m (2004 est.)
Natural gas - imports:
120 million cu m (2004 est.)
Current account balance:
-$600 million (2006 est.)