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Economic Indicators | Foreign Trade in Figures | Sources of General Economic Information | Political Outline

Economic Indicators

Apart from inflation, which was more than 5.4% in 2011, all the macroeconomic data are sound and the country maintains its image of political and economic stability.

After having experienced a deep recession in 1999-2002, Uruguay revived with a growth higher than 6% in the years 2004-2008; after that, the country was affected by the global economic crisis and a strong drought.  Contrary to many other countries, Uruguay has kept a positive growth in 2009 (2.9%), supported by the increase of public expenditures and investments.  Thanks to the rebound of exports and the dynamism of domestic demand, the revival was quick and vigorous in 2010, the growth increased to 8.5% of the GDP.  In 2011 this tendency continued with a growth rate of 6%.

The budget 2010-2014 has placed emphasis on the reduction of the public debt, the increase of expenditures in infrastructures and education, the creation of funds that will permit to face the fluctuations in the cost of electricity production due to bad weather.  In the meantime, in order to encourage growth, the government is seeking to develop investment projects in the energy and transport sectors promoting public/private partnerships. 

Uruguay has on one of the highest GDP per capita in South America, the unemployment rate is decreasing, in 2011 to 6% of the active population. However, in the same year, one fourth of the population was still living beyond the poverty line.

 
Main Indicators 2009201020112012 (e)2013 (e)
GDP (billions USD) 31.3240.2749.42e53.1256.07
GDP (Constant Prices, Annual % Change) 2.68.56.04.24.0
GDP per Capita (USD) 9,36411,998e14,672e15,71416,527
General Government Gross Debt (in % of GDP) 61.057.1e49.3e46.945.3
Inflation Rate (%) 7.16.77.7e6.56.0
Unemployment Rate (% of the Labor Force) 7.36.76.66.66.5
Current Account (billions USD) 0.18-0.16-0.78-1.61-1.41
Current Account (in % of GDP) 0.6-0.4-1.6e-2.5-

Source: IMF - World Economic Outlook Database ; World Bank , Last Available Data

Note: (e) Estimated Data

Main Sectors of Industry

Agriculture (the largest export sector) and fishing contributes 30% to the GDP. Uruguay has rich agricultural land.  Almost 90% of the land is devoted to livestock breeding (cattle, sheep, horses and pigs). Rice is the main crop, followed by wheat, corn and sugar cane. There is also a gardening market and fruit farming as well as a wine-growing industry all along the coast of the Rio de la Plata.

Agriculture and animal food processing account for half of the industrial activity, which represents about one fourth of the GDP. Other manufacturing activities include beverages (especially wines), textiles, construction materials, chemicals, oil and coal.

Services employ more than two thirds of the population and contribute over 50% to the GDP, mainly due to financial services and tourism.

 
Breakdown of Economic Activity By Sector Agriculture Industry Services
Employment By Sector (in % of Total Employment) 11.0 21.7 67.2
Value Added (in % of GDP) 8.6 26.5 64.9
Value Added (Annual % Change) 0.8 9.6 7.9

Source: World Bank - Last Available Data.

 

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Monetary Indicators 20062007200820092010
Uruguayan Peso (UYU) - Average Annual Exchange Rate For 1 USD 24.0723.4720.9522.5720.06

Source: World Bank - Last Available Data.

 

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Learn more about Market Analyses about Uruguay on Globaltrade.net, the Directory for International Trade Service Providers.
 

Indicator of Economic Freedom

Score:
70.0/100
Position:
Mostly free
World Rank:
32/179
Regional Rank:
2/26

Distribution of Economic freedom in the world
Source: 2011 Index of Economic freedom, Heritage Foundation

Note: The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labor freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms.

 

Country Risk

See the Country Risk Analysis Provided By Ducroire.

 

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Foreign Trade in Figures

Uruguay has an open economy and foreign trade represents about 55% of the GDP. Uruguay is a member of Mercosur (common market between Uruguay, Paraguay, Argentina, and Brazil). 

its economy is based on industry, trade and banking services (Montevideo), as well as agriculture, livestock farming (in the center of the country) and tourism (East). Meat and cereals represent 30% of all exports and paper industry 7%. Tourism provides an large inflow of foreign currency, corresponding to 6% of the GDP in 2011.

Uruguay's main clients are: Brazil, China and the European Union. The commodities exported are mainly meats, dairy products, leather and raw skins, cereals and wool.

The country's main suppliers are Argentina, Brazil, China and the United States. The country mainly imports mineral fuels and oil, machinery, electric & electronic equipment, vehicles and plastics.  Structurally in deficit, Uruguay's trade balance has seen an improvement due to the growth in exports.

 
Foreign Trade Indicators 20072008200920102011
Imports of Goods (million USD) 5,6289,0696,9078,62210,726
Exports of Goods (million USD) 4,5185,9425,4056,7337,983
Imports of Services (million USD) 1,0791,4011,0721,3651,727
Exports of Services (million USD) 1,8042,2402,1322,4583,292
Imports of Goods and Services (Annual % Change) 5.924.4-9.216.2-
Exports of Goods and Services (Annual % Change) 4.88.53.88.5-
Imports of Goods and Services (in % of GDP) 30.135.027.126.1-
Exports of Goods and Services (in % of GDP) 29.130.227.726.9-
Trade Balance (million USD) -545-1,714-252-256-
Trade Balance (Including Service) (million USD) 158-892738811-
Foreign Trade (in % of GDP) 59.265.254.853.0-

Source: WTO - World Trade Organization ; World Bank , Last Available Data

 

Main Partner Countries

Main Customers
(% of Exports)
2009
Brazil 20.4%
Argentina 6.4%
China 4.3%
Russia 4.0%
Venezuela 3.5%
See More Countries 61.3%
Main Suppliers
(% of Imports)
2009
Argentina 23.6%
Brazil 21.1%
China 11.9%
United States 8.2%
Venezuela 7.6%
See More Countries 27.6%

Source: Comtrade, Last Available Data

 

Main Products

Main Exports
(% of Exports)
2009
Meat of bovine animals, frozenMeat of bovine animals, frozen 13.7%
RiceRice 8.6%
Soya beans, whether or not brokenSoya beans, whether or not broken 8.5%
Wheat and meslinWheat and meslin 4.8%
Meat of bovine animals, fresh or chilledMeat of bovine animals, fresh or chilled 4.0%
See More Products 60.5%
Main Imports
(% of Imports)
2009
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 11.8%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 8.1%
Electrical energyElectrical energy 3.8%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 2.8%
Automatic data processing machines and units...Automatic data processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 2.0%
See More Products 71.5%

Source: Comtrade, Last Available Data

 
 

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Sources of General Economic Information

Ministries
Ministry of Economy and Finances (in Spanish)
General Tax Office
Central system of financial information
Statistical Office
National Institute of Statistics (in Spanish)
Central Bank
Central Bank of Uruguay
Stock Exchange
Uruguay Stock Exchange (in Spanish)
Montevideo Stock Exchange
Search Engines
Uruguay Total
LoGratis
Uruwow
Red Academy of Uruguay
Economic Portals
Brecha

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Political Outline

Main Political Parties
Uruguay has a multi-party system, with three dominant political parties. It has been extremly difficult for any other political party to achieve electoral success. However, Uruguay’s first coalition government has came to power in 2005. The three dominant parties are:
- Colorado Party- a liberal and social-democratic party, the most elected party in Uruguayan history;
- National Party - a liberal conservative party also called ‘White Party’;
- Independent Party - a social democratic and Christian socialist party, advocates ‘Third Way’ - an alternative to the traditional left- and right-wing politics.
Current Political Leaders
President: Tabare VAZQUEZ Rosas (since March 2005) – EPFA (Broad Front-Progressive Encounter-New Majority) which is a coalition comprising of about a dozen small left-wing political parties.
Next Election Dates
Chamber of Senators: October 2014
Chamber of Representatives: October 2014
Presidential: October 2014
 

Indicator of Freedom of the Press

World Rank:
32/179
Evolution:
5 places up compared to 2010

Source: Worldwide Press Freedom Index 2011, Reporters Without Borders

Note: The world rankings, published annually, measures the violations of press freedom worldwide. It reflects the degree of freedom enjoyed by journalists, the media and digital citizens of each country and the means used by states to respect and uphold this freedom. Finally, a note and a position is assigned to each country. To compile this index, Reporters Without Borders (RWB) prepared a questionnaire sent to partner organizations,150 RWB correspondents, journalists, researchers, jurists and activists of human rights, including the main criteria - 44 in total - to assess the situation of press freedom in a given country. It includes every kind of direct attacks against journalists and digital citizens (murders, imprisonment, assault, threats, etc.) or against the media (censorship, confiscation, searches and harassment etc.).

 

Indicator of Political Freedom

Ranking:
Free
Political Freedom:
1/7
Civil Liberties:
1/7

Map of freedom 2010
Source: Freedom House

Note: The Indicator of Political Freedom provides an annual evaluation of the state of freedom in a country as experienced by individuals. The survey measures freedom according to two broad categories: political rights and civil liberties. The ratings process is based on a checklist of 10 political rights questions (on Electoral Process, Political Pluralism and Participation, Functioning of Government) and 15 civil liberties questions (on Freedom of Expression, Belief, Associational and Organizational Rights, Rule of Law, Personal Autonomy and Individual Rights). Scores are awarded to each of these questions on a scale of 0 to 4, where a score of 0 represents the smallest degree and 4 the greatest degree of rights or liberties present. The total score awarded to the political rights and civil liberties checklist determines the political rights and civil liberties rating. Each rating of 1 through 7, with 1 representing the highest and 7 the lowest level of freedom, corresponds to a range of total scores.

 

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