Nevertheless, in order to keep the current pace of growth the country needs to diversify its economy and reduce the debt burden. Uruguay Balance of Trade at 6950.00 USD Thousand, Uruguay Capital Flows at 259.50 USD Million, Uruguay Central Bank Balance Sheet at 122999.00 UYU Million, Uruguay Changes in Inventories at 7134243.16 UYU THO, Uruguay Competitiveness Index at 63.47 Points, Uruguay Consumer Price Index (CPI) at 221.92 points, Uruguay Consumer Spending at 112697639.25 UYU Thousand, New Zealand Credit Card Spending Rise for 2nd Month, European Stocks Jump, Dax Ends at 1-Month High. Public Sector: The state in Uruguay has an important role in the economy, Uruguay resisted the trend of privatization in Utilities and state owned enterprises in the region. Click on a row to display its 5-year graph on the right. Income tax for lower incomes was abolished in 1905, secondary schools established in every city (1906), telephone network nationalized, unemployment benefits were introduced (1914), eight-hour working day introduced (1915), etc.. Uruguay's economy contracted 10.6 percent in the second quarter of 2020, following a 1.4 percent drop in the previous three-month period. Trade Source: United Nations Comtrade Note: Top 3 trade partners are calculated by imports + exports. Economy | September 9th 2020 Lacalle submits austere five-year budget bill to Congress. In 2018, the country produced 1.36 million tons of rice, 1.33 million tons of soy, 816 thousand tons of maize, 637 thousand tons of barley, 440 thousand tons of wheat, 350 thousand tons of sugar cane, 106 thousand tons of orange, 104 thousand tons of grape, 90 thousand tons of rapeseed, 87 thousand tons of potato, 76 thousand tons of sorghum, 71 thousand tons of tangerine, 52 thousand tons of oats, 48 thousand tons of apple, in addition to smaller yields of other agricultural products. Web. Note: Percentile ranks are calculated using the latest available data for all countries within the last 5 years. , Uruguay is also a major meat producer. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. 6 among 156 nations in the index of geopolitical gains and losses after energy transition (GeGaLo Index).. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy. Shipments of meat, vegetables, rice and dairy products account for 52 percent of total exports. The economy of Uruguay is characterized by an export-oriented agricultural sector and a well-educated work force, along with high levels of social spending.  Their tourist industry is mainly characterized for attracting visitors from neighboring countries. More. List of Latin American and Caribbean countries by GDP growth, List of Latin American and Caribbean countries by GDP (nominal), List of Latin American and Caribbean countries by GDP (PPP), "World Economic Outlook Database, April 2019", "World Economic Outlook Database, October 2019", "Poverty headcount ratio at national poverty lines (% of population) - Uruguay", "GINI index (World Bank estimate) - Uruguay", "Inequality-adjusted Human Development Index (IHDI)", "How Fitch, Moody's and S&P rate each country's credit rating", "Uruguay's Monetary Policy Effective Despite Dollarization", "Uruguay is now generating 95% of its electricity from renewable energy", https://doi.org/10.1016/j.esr.2019.100406, "Uruguay - Travel & Tourism Total Contribution to GDP - Total Contribution to GDP - % share", "SAMAN. them to attain one of the highest teledensity levels in South America and reach a 100% digitalization of main lines. It produces different types of petroleum products. A recovery is under way, led by construction of a paper mill. Uruguay is endowed with renewable energy resources and the country produces 95% of its electricity from alternative energy sources. September 19, 2020. Currently Uruguay's major attraction is the interior, particularly located in the region around Punta del Este. Uruguay is considered the second least corrupt country in Latin America. Some of them made a contribution to the Uruguay state treasury. Banking has traditionally been one of the strongest service export sectors in the country. The tourism industry in Uruguay is an important part of its economy. Batlle nationalized foreign owned companies and created a modern social welfare system. The number of trade unionists has quadrupled since 2003, from 110,000 to more than 400,000 in 2015 for a working population of 1.5 million people. In the case of beef exports, they have been boosted since Uruguay joined the Mercosur agreement in 1991 and the country has been able to reach more distant markets, such as Japan. Conaprole, National Cooperative of Milk Producers. Fine varieties are produced in the lowlands in the east of the country close to Merin lake on the Uruguay-Brazil border. José Batlle y Ordóñez, President from 1903 to 1907 and again from 1911 to 1915, set the pattern for Uruguay's modern political development and dominated the political scene until his death in 1929. Throughout Uruguay's history, their strongest exporting industries have been beef and wool. [permanent dead link]. Although this is a sector that does not make substantial contributions to the country's economy, in recent years there have been some activity in gold and cement production, and also in the extraction of granite. More news 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. An outbreak of hoof-and-mouth disease among its cattle and an energy crisis in Brazil also adversely affected the economy. Uruguay has reported around 879 coronavirus infections per 1 million people, one of the lowest levels in Latin America, according to a Reuters tally.
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