Uruguay Economy 1997

Economy - overview Uruguay's small economy benefits from a favorable climate for agricultureand substantial hydropower potential. Economic development has been restrainedin recent years by high - though declining - inflation and extensive governmentregulation. The SANGUINETTI government's conservative monetary and fiscalpolicies are aimed at continuing to reduce inflation, at 24.3% at yearend1996; other priorities include extensive reform of the social security systemand increased investment in education. Uruguay recovered from recession in1996 - partly due to the recovery in Argentina - and ended the year with anearly 5% rise in GDP. Uruguayan trade continued to expand and the potentialfor new markets continued to open through the negotiations of Mercosur (SouthernCone Common Market) with neighboring countries and the European Union (EU).The economy is expected to continue growing at a healthy rate in 1997 alongwith other regional economies.

GDP purchasing power parity - $26 billion (1996 est.)

GDP - real growth rate 4.9% (1996)

GDP - per capita purchasing power parity - $8,000 (1996 est.)

GDP - composition by sector
agriculture : 10.8%
industry: 27.4%
services: 61.8% (1995)

Inflation rate - consumer price index 24.4% (December 1996)

Labor force
total: 1.436 million (1996 est.)
by occupation: government 25%, manufacturing 19%, agriculture 11%, commerce 12%, utilities,construction, transport, and communications 12%, other services 21% (1988est.)

Unemployment rate 12% (1996 est.)

Budget
revenues: $3.03 billion
expenditures : $3.37 billion with capital expenditures of $NA (1994 est.)

Industries meat processing, wool and hides, sugar, textiles, footwear, leatherapparel, tires, cement, petroleum refining, wine

Industrial production growth rate 3.2% (1996)

Electricity - capacity 2.142 million kW (1995)

Electricity - production 6.308 billion kWh (1995)

Electricity - consumption per capita 1,568 kWh (1995 est.)

Agriculture - products wheat, rice, corn, sorghum; livestock; fishing

Exports
total value : $2.4 billion (f.o.b., 1996)
commodities: wool and textile manufactures, beef and other animal products, leather,rice
partners: Brazil, Argentina, US, China, Italy

Imports
total value: $3.3 billion (c.i.f., 1996)
commodities: machinery and equipment, vehicles, chemicals, minerals, plastics, oil
partners: Brazil, Argentina, US, Nigeria

Debt - external $5 billion (1996 est.)

Economic aid
recipient: ODA, $91 million (1993)

Currency 1 Uruguayan peso ($Ur) = 100 centesimos

Exchange rates Uruguayan pesos ($Ur) per US$1 - 8.6550 (January 1997), 7.9718 (1996),6.3491 (1995), 5.0529 (1994), 3.9484 (1993), 3.0270 (1992)
note: on 1 March 1993 the former new peso (N$Ur) was replaced as Uruguay'sunit of currency by the peso which is equal to 1,000 of the new pesos

Fiscal year calendar year

NOTE: The information regarding Uruguay on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Uruguay Economy 1997 information contained here. All suggestions for corrections of any errors about Uruguay Economy 1997 should be addressed to the CIA.