Economy - overview:
Uruguay has a free market economy characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. Uruguay has sought to expand trade within the Common Market of the South (Mercosur) and with non-Mercosur members, and President VAZQUEZ has maintained his predecessor’s mix of pro-market policies and a strong social safety net.Following financial difficulties in the late 1990s and early 2000s, Uruguay's economic growth averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment; GDP growth reached 8.9% in 2010 but slowed in 2012-13 as a result of a renewed slowdown in the global economy and in Uruguay's main trade partners and Mercosur counterparts, Argentina and Brazil.

GDP (purchasing power parity):
$72.36 billion (2015 est.) $70.39 billion (2014 est.) $68.01 billion (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 95
[see also: GDP country ranks ]

GDP (official exchange rate):
$56.8 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.8% (2015 est.) 3.5% (2014 est.) 5.1% (2013 est.)
country comparison to the world: 107
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$21,800 (2015 est.) $20,900 (2014 est.) $20,000 (2013 est.)
note: data are in 2015 US dollars
country comparison to the world: 82
[see also: GDP - per capita country ranks ]

Gross national saving:
15.9% of GDP (2015 est.) 16.3% of GDP (2014 est.) 17% of GDP (2013 est.)
country comparison to the world: 109
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 65.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 13.6%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 22.4%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.5%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 23.8%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -26.2% (2015 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 7.5%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 20.6%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 71.9% (2015 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
soybeans, rice, wheat; beef, dairy products; fish; lumber, cellulose

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

Industrial production growth rate:
3.3% (2015 est.)
country comparison to the world: 74
[see also: Industrial production growth rate country ranks ]

Labor force:
1.725 million (2015 est.)
country comparison to the world: 126
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 13%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 14%
[see also: Labor force - by occupation - industry country ranks ]
services: 73% (2010 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
7.1% (2015 est.) 6.6% (2014 est.)
country comparison to the world: 82
[see also: Unemployment rate country ranks ]

Population below poverty line:
18.6% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 34.4% (2010 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
45.3 (2010) 44.8 (1999)
country comparison to the world: 41
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $15.94 billion
[see also: Budget revenues country ranks ]
expenditures: $17.69 billion (2015 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
29% of GDP (2015 est.)
country comparison to the world: 89
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.2% of GDP (2015 est.)
country comparison to the world: 120
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
68.6% of GDP (2015 est.) 62.7% of GDP (2014 est.)
note: data cover general government debt, and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions.
country comparison to the world: 47
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
8.6% (2015 est.) 8.9% (2014 est.)
country comparison to the world: 201
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
9% (31 December 2012) 8.75% (31 December 2011)
note: Uruguay's central bank uses the benchmark interest rate, rather than the discount rate, to conduct monetary policy; the rates shown here are the benchmark rates
country comparison to the world: 29
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
15.5% (31 December 2015 est.) 15.53% (31 December 2014 est.)
country comparison to the world: 36
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$4.49 billion (31 December 2015 est.) $4.89 billion (31 December 2014 est.)
country comparison to the world: 101
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$8.568 billion (31 December 2014 est.) $8.919 billion (31 December 2013 est.)
country comparison to the world: 110
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$18.16 billion (31 December 2015 est.) $19.67 billion (31 December 2014 est.)
country comparison to the world: 89
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$175.4 million (31 December 2012 est.) $174.6 million (31 December 2011) $156.9 million (31 December 2010 est.)
country comparison to the world: 117
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$2.049 billion (2015 est.) -$2.511 billion (2014 est.)
country comparison to the world: 146
[see also: Current account balance country ranks ]

Exports:
$7.672 billion (2015 est.) $9.134 billion (2014 est.)
country comparison to the world: 100
[see also: Exports country ranks ]

Exports - commodities:
beef, soybeans, cellulose, rice, wheat, wood, dairy products; wool

Exports - partners:
Brazil 14.7%, China 14.3%, US 6.7%, Argentina 4.9% (2014)

Imports:
$9.8 billion (2015 est.) $11.48 billion (2014 est.)
country comparison to the world: 99
[see also: Imports country ranks ]

Imports - commodities:
refined oil, crude oil, passenger and other transportation vehicles, vehicle parts, cellular phones

Imports - partners:
China 18.3%, Brazil 16.8%, Argentina 13%, US 9%, Germany 4.5%, Nigeria 4.2% (2014)

Reserves of foreign exchange and gold:
$17.48 billion (31 December 2015 est.) $17.55 billion (31 December 2014 est.)
country comparison to the world: 63
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$24.19 billion (31 December 2014 est.) $22.86 billion (31 December 2013 est.)
country comparison to the world: 83
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$23.97 billion (31 December 2015 est.) $21.34 billion (31 December 2014 est.)
country comparison to the world: 75
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$180.6 million (31 December 2015 est.) $156.6 million (31 December 2014 est.)
country comparison to the world: 92
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Uruguayan pesos (UYU) per US dollar - 27 (2015 est.) 23.246 (2014 est.) 23.246 (2013 est.) 20.31 (2012 est.) 19.314 (2011 est.)