Uruguay Economy 2001

Economy - overview: Uruguay's economy is characterized by an export-oriented agricultural sector, a well-educated workforce, relatively even income distribution, and high levels of social spending. After averaging growth of 5% annually in 1996-98, in 1999-2000 the economy suffered from lower demand in Argentina and Brazil, which together account for about 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 Latin America. Challenges for the government of President Jorge BATLLE include expanding Uruguay's trade ties beyond its MERCOSUR trade partners and reducing the costs of public services. GDP fell by 1.1% in 2000 and will grow by perhaps 1.5% in 2001.

GDP: purchasing power parity - $31 billion (2000 est.)

GDP - real growth rate: -1.1% (2000 est.)

GDP - per capita: purchasing power parity - $9,300 (2000 est.)

GDP - composition by sector:
agriculture: 10%
industry: 28%
services: 62% (1999)

Population below poverty line: NA%

Household income or consumption by percentage share:
lowest 10%: NA%
highest 10%: NA%

Inflation rate (consumer prices): 4.8% (2000 est.)

Labor force: 1.5 million (1999 est.)

Labor force - by occupation: agriculture NA%, industry NA%, services NA%

Unemployment rate: 14% (2000 est.)

Budget:
revenues: $4 billion
expenditures: $4.6 billion, including capital expenditures of $500 million (2000 est.)

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

Industrial production growth rate: -2.1% (2000 est.)

Electricity - production: 5.704 billion kWh (1999)

Electricity - production by source:
fossil fuel: 3.86%
hydro: 95.44%
nuclear: 0%
other: 0.7% (1999)

Electricity - consumption: 5.89 billion kWh (1999)

Electricity - exports: 215 million kWh (1999)

Electricity - imports: 800 million kWh (1999)

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

Exports: $2.6 billion (f.o.b., 2000 est.)

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

Exports - partners: MERCOSUR partners 45%, EU 20%, US 7% (1999 est.)

Imports: $3.4 billion (f.o.b., 2000 est.)

Imports - commodities: road vehicles, electrical machinery, metal manufactures, heavy industrial machinery, crude petroleum

Imports - partners: MERCOSUR partners 43%, EU 20%, US 11% (1999 est.)

Debt - external: $8 billion (2000 est.)

Economic aid - recipient: $NA

Currency: Uruguayan peso (UYU)

Currency code: UYU

Exchange rates: Uruguayan pesos per US dollar - 12.5610 (January 2001), 12.0996 (2000), 11.3393 (1999), 10.4719 (1998), 9.4418 (1997), 7.9718 (1996)

Fiscal year: calendar year

NOTE: The information regarding Uruguay on this page is re-published from the 2001 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Uruguay Economy 2001 information contained here. All suggestions for corrections of any errors about Uruguay Economy 2001 should be addressed to the CIA.