Economy - overview Uruguay's 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 in 1996-98, in 1999-2001 the economy suffered from lower demand in Argentina and Brazil, which together account for nearly half of Uruguay's exports. Despite the severity of the trade shocks, Uruguay's financial indicators remained more stable than those of its neighbors, a reflection of its solid reputation among investors and its investment-grade sovereign bond rating - one of only two in South America. Challenges for the government of President Jorge BATLLE include reducing the budget deficit, expanding Uruguay's trade ties beyond its Mercosur trade partners, and reducing the costs of public services. GDP fell by 1.3% in 2000 and by 1.5% in 2001.

GDP purchasing power parity - $31 billion (2001 est.)

GDP - real growth rate -1.5% (2001 est.)

GDP - per capita purchasing power parity - $9,200 (2001 est.)

GDP - composition by sector
agriculture: 6%
industry: 29%
services: 65% (2001)

Population below poverty line 6% (1997)

Household income or consumption by percentage share
lowest 10%: 3.7%
highest 10%: 25.8% (1997)

Distribution of family income - Gini index 42.3 (1989)

Inflation rate (consumer prices) 3.6% (2001)

Labor force 1.2 million (2001)

Labor force - by occupation agriculture 14%, industry 16%, services 70%

Unemployment rate 15.2% (2001)

Budget
revenues: $3.7 billion
expenditures: $4.6 billion, including capital expenditures of $500 million (2000)

Industries food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages

Industrial production growth rate -2.4% (2001 est.)

Electricity - production 7.527 billion kWh (2000)

Electricity - production by source
fossil fuel: 6.64%
hydro: 92.83%
other: 0.53% (2000)
nuclear: 0%

Electricity - consumption 7.35 billion kWh (2000)

Electricity - exports 950 million kWh (2000)

Electricity - imports 1.3 billion kWh (2000)

Agriculture - products rice, wheat, corn, barley; livestock; fish

Exports $2.24 billion (f.o.b., 2001 est.)

Exports - commodities meat, rice, leather products, wool, vehicles, dairy products

Exports - partners Mercosur partners 40%, EU 20%, US 8% (2001 est.)

Imports $2.9 billion (f.o.b., 2001 est.)

Imports - commodities machinery, chemicals, road vehicles, crude petroleum

Imports - partners Mercosur partners 44%, EU 18%, US 9% (2001 est.)

Debt - external $7.7 billion (2001 est.)

Economic aid - recipient $NA

Currency Uruguayan peso (UYU)

Currency code UYU

Exchange rates Uruguayan pesos per US dollar - 14.3325 (January 2002), 13.3191 (2001), 12.0996 (2000), 11.3393 (1999), 10.4719 (1998), 9.4418 (1997)

Fiscal year calendar year

NOTE: The information regarding Uruguay on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Uruguay Economy 2002 information contained here. All suggestions for corrections of any errors about Uruguay Economy 2002 should be addressed to the CIA.