Economy of Uruguay

Last updated

Economy of Uruguay
World Trade Center Montevideo.jpg
World Trade Center Montevideo
Currency Uruguayan peso (UYU, $U)
Calendar year
Trade organizations
WTO, ALADI, Mercosur, Andean Community (associate)
Country group
Statistics
PopulationDecrease Neutral.svg 3,444,263 (2023) [3]
GDP
  • Increase2.svg $87 billion (nominal, 2024) [4]
  • Increase2.svg $108 billion (PPP, 2024) [4]
GDP rank
GDP growth
  • Increase2.svg 4.9% (2022) [5]
  • Increase2.svg 2.0% (2023f) [5]
  • Increase2.svg 2.9% (2024f) [5]
GDP per capita
  • Increase2.svg $23,088 (nominal, 2024) [4]
  • Increase2.svg $30,170 (PPP, 2024) [4]
GDP per capita rank
GDP by sector
Decrease Positive.svg 3.96% (April 2024) [7]
Population below poverty line
Decrease Positive.svg 9.1% (2022) [8]
Increase Negative.svg 40.6 medium (2022, World Bank) [9]
Decrease2.svg 73 out of 100 points (2023) [11] (18th)
Labor force
  • Decrease2.svg 1,686,487 (2020) [12]
  • Decrease2.svg 54.9% employment rate (February 2021) [13]
Labor force by occupation
UnemploymentDecrease Positive.svg 7.8% (July 2023) [13]
Main industries
food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages
External
ExportsIncrease2.svg $11.41 billion (2017 est.) [6]
Export goods
beef, soybeans, cellulose, rice, wheat, wood, dairy products, wool
Main export partners
ImportsIncrease2.svg $8.607 billion (2017 est.) [6]
Import goods
refined oil, crude oil, passenger and other transportation vehicles, vehicle parts, cellular phones
Main import partners
FDI stock
  • Increase2.svg $44.84 billion (31 December 2017 est.) [6]
  • Increase2.svg Abroad: $19.97 billion (31 December 2017 est.) [6]
Increase2.svg $879 million (2017 est.) [6]
Increase Negative.svg $28.37 billion (31 December 2017 est.) [6]
Public finances
Decrease Positive.svg57.4% of GDP (2022 est.) [6] [note 1]
−3.5% (of GDP) (2017 est.) [6]
Revenues17.66 billion (2017 est.) [6]
Expenses19.72 billion (2017 est.) [6]
Increase2.svg $15.96 billion (31 December 2017 est.) [6]
All values, unless otherwise stated, are in US dollars.
Historical GDP per capita development GDP per capita development of Uruguay.svg
Historical GDP per capita development

The economy of Uruguay features an export-oriented agricultural sector and a well-educated workforce, along with high levels of social spending. Tourism and banking are also prominent sectors; Uruguay acts as a regional hub for international finance and tourism. The country also has a history and representation of advanced workers-rights protection, with unions and the eight-hour work-day protected at the beginning of the 20th century.

Contents

90% of the country's population is urbanized, while most of the industry and over half of the population is concentrated in the capital Montevideo. [16]

After averaging growth of 5% annually during 1996–98, Uruguay's economy suffered a major downturn in 1999–2002, stemming largely from the spillover effects of the economic problems of its large neighbors; Argentina and Brazil. In 2001–02, Argentine citizens made massive withdrawals of dollars deposited in Uruguayan banks after bank deposits in Argentina were frozen, which led to a plunge in the Uruguayan peso, causing the 2002 Uruguay banking crisis.

History

19th century

In the 19th century, the country had similar characteristics to other Latin American countries: caudillismo, civil wars and permanent instability (40 revolts between 1830 and 1903), foreign capitalism's control of important sectors of the economy, a high percentage of illiterate people (more than half the population in 1900). Among foreign investments, investors from Great Britain controlled 22% of the land and many majors parts of the industrial infrastructure, including meatpacking and leather industry, infrastructure for water and gas, and transport systems like trolley and 1100 miles of rail. [16]

Reforms after Batlle

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 he died in 1929. Batlle introduced widespread political, social, and economic reforms such as a welfare program, government participation in many facets of the economy, and a new constitution. [17]

Batlle nationalized foreign-owned companies and created a modern social welfare system. 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. [17] [16] By 1929, 84% of manufacturing was concentrated in a handful of industries: meatpacking, leather and wool. [16] Industrial policies further encouraging migration from rural to urban communities, as well as waves of immigrants from southern and eastern Europe. [16] Investment in urban infrastructure in Montevideo and a growing economy, was capped by hosting the first 1930 FIFA World Cup. [16]

Claudio Williman who served between Batlle's two terms was his supporter and continued all his reforms, as did the next President Baltasar Brum (1919–1923). Around 1900 infant mortality rates (IMR) in Uruguay were among the world's lowest, indicating a very healthy population.

Mid-20th century

The Uruguay economy shifted from an agriculture-dominated economy to an industrial economy from the period 1930 to 1955. [18] This shift led to a sluggish economy, as Uruguay neglected its comparative advantage, diverting resources away from a productive agricultural sector to an inefficient, unproductive manufacturing sector. [18] The government sought to bolster its manufacturing sector with import substitution industrialization, disincentivizing imports. [16] From the 1950s onwards, the Uruguay economy was in decline. [19] [18]

Anthropology professor Daniel Renfrew describes both the 50s and 60s and dictatorship period (70s and 80s) as economic downturn periods, followed by further economic degradation caused by neoliberalism. [16] Economist Jamie Mezzera disagrees with this interpretation, arguing that between 1968 and 1972, Uruguay was one of the most regulated capitalist economies in the world. In this period, the government massively increased import tariffs and had near-total wage and price controls. The government instituted these policies to avoid the political pressure that would come if they were to devalue their currency. [20] Between 1955 and 1972, economic output in Uruguay stagnated. After the price and wage controls were largely removed in 1973, growth increased by 4.3% per year until 1979.

The policies of the Colorado Party under Julio María Sanguinetti and Jorge Batlle during the 90s and early 2000s, following global trends of neo-liberalization, facilitated a shift from manufacturing and small-scale agriculture, towards increasing monoculture agriculture and services like finance and tourism. [16] However, these policies faded as the regional economic problems in Argentina and Brazil caused a downturn and unemployment from 1998 to 2003. [16] The economic and social crises that followed allowed for the election of the Broad Front a leftist coalition against the neoliberal policies. [16]

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. According to the International Trade Union Confederation, Uruguay has become the most advanced country in the Americas in terms of respect for "fundamental labor rights, in particular, freedom of association, the right to collective bargaining and the right to strike".[ citation needed ]

Currency

Uruguay has a partially dollarized economy. As of August 2008 almost 60% of bank loans use United States dollars, [21] but most transactions use the Uruguayan peso. [22] Today, the Uruguayan peso is minted in coins of 1, 2, 5, 10, and 50 pesos and in banknotes of 20, 50, 100, 200, 500, 1000, and 2000 pesos.

Sectors

Agriculture, textiles and leather

Throughout Uruguay's history, their strongest exporting industries have been beef and wool. In the case of beef exports, they have been boosted since Uruguay joined the Mercosur agreement in 1991 and the country has been able trade with more distant markets, such as Japan. In 2018, it produced 589 thousand tons of beef. [23] In the case of wool exports, they have not been doing so well in recent years suffering from other competitors in the market like New Zealand and the fluctuations of its demand during the 2008 recession in the developed world.

As timber refining is being kept within the country, forestry has become a growth industry in recent years. 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. [24]

Liebig Extract of Meat Company ran a very large and influential beef extract factory in Fray Bentos for 100 years.

Energy

Wind turbines in Tacuarembo Department Windmills in northern Uruguay 2.jpg
Wind turbines in Tacuarembó Department
Energy in Uruguay describes energy and electricity production, consumption and import in Uruguay. As part of climate mitigation measures and an energy transformation, Uruguay has converted over 98% of its electrical grid to sustainable energy sources (primarily solar, wind, and hydro). [25] Fossil fuels are primarily imported into Uruguay for transportation, industrial uses and applications like domestic cooking. Four hydroelectric dams provide much of the country's energy supply.

Software

During the last decades the software industry has developed considerably. Many start-ups have been very successful, such is the case of PedidosYa. Uruguay also exports software; the similar geographic longitude to that of the United States makes it attractive for companies to outsource software development to Uruguayan companies. Other notable Uruguayan software enterprises are: Genexus, Códigos del Sur, Overactive. [26]

Mining

Although this is a sector that does not make substantial contributions to the country's economy, in recent years there has been some activity in gold and cement production, and also in the extraction of granite.

Artigas Department is well known for its amethyst and agate quartz varieties mining. During 2010s 20 thousand tons of minerals were extracted with a value of 9 million of US dollars, exported to Germany, United States, Brazil and China. [27]

Plastics

In 2011, plastics were the second-largest non-agricultural industrial export of the country [28] .

Telecommunications

Despite having poor levels of investment in the fixed-line sector, the small size of Uruguay's population has enabled them to attain one of the highest telecommunication density levels in South America and reach a 100% digitalization of main lines. Although the telecommunications sector has been under a state monopoly for some years, provisions have been made to introduce liberalization and to allow for the entry of more firms into the cellular sector.[ citation needed ]

Travel and tourism

In 2013, travel and tourism accounted for 9.4% of the country's GDP. [29] Their tourist industry is mainly characterized for attracting visitors from neighboring countries. Currently Uruguay's major attraction is the interior, particularly located in the region around Punta del Este. [30]

Specialties

"With a population of only three million, Uruguay has rapidly become Latin America's outsourcing hub. In partnership with one of India's largest technology consulting firms, engineers in Montevideo work while their counterparts in Mumbai sleep." - The New York Times, Sep 22, 2006.

Trade agreements

Currently in force (Free Trade Agreements / Economic Complementation Agreements)
Mercosur (signed and effective November 1991)
ECA N.º 36 MERCOSUR with Flag of Bolivia.svg  Bolivia (signed December 1996 and effective February 1997)
FTA with Flag of Mexico.svg  Mexico (signed November 2003 and effective July 2004)
ECAa N.º 59 with Flag of Ecuador.svg  Ecuador (signed October 2004 and effective April 2005)
ECA N.º 58 MERCOSUR with Flag of Peru.svg  Peru (signed August 2005 and effective December 2005)
ECA N.º 62 MERCOSUR with Flag of Cuba.svg  Cuba (signed July 2006 and effective September 2008)
Comercial Preference Agreement MERCOSUR with Flag of India.svg  India (signed January 2004 and effective June 2009)
FTA MERCOSUR with Flag of Israel.svg  Israel (signed December de 2007 and effective December 2009)
Partial Agreement N.º 63 with Flag of Venezuela.svg  Venezuela (signed December 2012 and effective March 2013)
Comercial Preference Agreement MERCOSUR with SACU (signed September 2011 and effective April 2016)
FTA MERCOSUR with Flag of Egypt.svg  Egypt (signed December 2015 and effective September 2017)
ECA N.º 72 MERCOSUR with Flag of Colombia.svg  Colombia (signed July 2017 and effective December 2017)
FTA with Flag of Chile.svg  Chile signed October 2016 and effective December 2018)
Concluded (not in force)
FTA MERCOSUR with Flag of Palestine.svg  State of Palestine (signed December 2011)

Data

The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation below 10% is in green. [38]

YearGDP

(in Bil. US$PPP)

GDP per capita

(in US$ PPP)

GDP

(in Bil. US$nominal)

GDP per capita

(in US$ nominal)

GDP growth

(real)

Inflation rate

(in Percent)

Unemployment

(in Percent)

Government debt

(in % of GDP)

198014.85,050.012.24,139.9Increase2.svg6.0%Increase Negative.svg63.5%n/an/a
1981Increase2.svg16.6Increase2.svg5,594.3Increase2.svg13.6Increase2.svg4,589.0Increase2.svg1.9%Increase Negative.svg34.0%n/an/a
1982Decrease2.svg15.9Decrease2.svg5,347.4Decrease2.svg11.1Decrease2.svg3,727.4Decrease2.svg-9.4%Increase Negative.svg19.0%n/an/a
1983Decrease2.svg15.6Decrease2.svg5,198.1Decrease2.svg6.1Decrease2.svg2,033.0Decrease2.svg-5.9%Increase Negative.svg49.2%14.5%n/a
1984Increase2.svg15.9Increase2.svg5,273.5Decrease2.svg5.8Decrease2.svg1,920.9Decrease2.svg-1.5%Increase Negative.svg55.3%Decrease Positive.svg14.0%n/a
1985Increase2.svg16.5Increase2.svg5,422.0Decrease2.svg5.7Decrease2.svg1,865.1Increase2.svg0.3%Increase Negative.svg72.2%Decrease Positive.svg13.1%n/a
1986Increase2.svg18.0Increase2.svg5,912.7Increase2.svg7.0Increase2.svg2,302.5Increase2.svg7.5%Increase Negative.svg76.4%Decrease Positive.svg10.1%n/a
1987Increase2.svg19.6Increase2.svg6,381.1Increase2.svg8.8Increase2.svg2,864.7Increase2.svg5.9%Increase Negative.svg63.6%Decrease Positive.svg9.1%n/a
1988Increase2.svg20.4Increase2.svg6,599.9Increase2.svg9.1Increase2.svg2,946.4Increase2.svg0.5%Increase Negative.svg62.2%Decrease Positive.svg8.6%n/a
1989Increase2.svg21.4Increase2.svg6,896.1Increase2.svg9.6Increase2.svg3,088.0Increase2.svg1.1%Increase Negative.svg80.4%Decrease Positive.svg8.0%n/a
1990Increase2.svg22.3Increase2.svg7,136.0Increase2.svg11.2Increase2.svg3,573.1Increase2.svg0.3%Increase Negative.svg112.5%Increase Negative.svg8.5%n/a
1991Increase2.svg23.8Increase2.svg7,594.2Increase2.svg13.4Increase2.svg4,281.1Increase2.svg3.5%Increase Negative.svg102.0%Increase Negative.svg8.9%n/a
1992Increase2.svg26.3Increase2.svg8,333.4Increase2.svg15.5Increase2.svg4,890.2Increase2.svg7.9%Increase Negative.svg68.5%Increase Negative.svg9.0%n/a
1993Increase2.svg27.7Increase2.svg8,705.4Increase2.svg18.0Increase2.svg5,659.5Increase2.svg2.7%Increase Negative.svg54.1%Decrease Positive.svg8.3%n/a
1994Increase2.svg30.3Increase2.svg9,449.3Increase2.svg21.0Increase2.svg6,530.0Increase2.svg7.3%Increase Negative.svg44.7%Increase Negative.svg9.2%n/a
1995Increase2.svg30.5Decrease2.svg9,448.7Increase2.svg23.2Increase2.svg7,176.4Decrease2.svg-1.4%Increase Negative.svg42.2%Increase Negative.svg10.3%n/a
1996Increase2.svg32.8Increase2.svg10,095.7Increase2.svg24.6Increase2.svg7,580.6Increase2.svg5.6%Increase Negative.svg28.3%Increase Negative.svg11.9%n/a
1997Increase2.svg35.0Increase2.svg10,665.0Increase2.svg26.0Increase2.svg7,925.9Increase2.svg5.0%Increase Negative.svg19.8%Decrease Positive.svg11.6%n/a
1998Increase2.svg37.0Increase2.svg11,183.4Increase2.svg27.6Increase2.svg8,329.1Increase2.svg4.5%Increase Negative.svg10.8%Decrease Positive.svg10.1%n/a
1999Decrease2.svg36.8Decrease2.svg11,042.6Decrease2.svg26.1Decrease2.svg7,814.5Decrease2.svg-1.9%Increase2.svg5.7%Increase Negative.svg11.2%n/a
2000Increase2.svg36.9Decrease2.svg11,030.1Decrease2.svg24.8Decrease2.svg7,406.0Decrease2.svg-1.9%Increase2.svg4.8%Increase Negative.svg13.4%n/a
2001Decrease2.svg36.3Decrease2.svg10,837.5Decrease2.svg22.7Decrease2.svg6,776.8Decrease2.svg-3.8%Increase2.svg4.4%Increase Negative.svg15.2%n/a
2002Decrease2.svg34.0Decrease2.svg10,170.0Decrease2.svg14.8Decrease2.svg4,425.1Decrease2.svg-7.7%Increase Negative.svg14.0%Increase Negative.svg16.8%n/a
2003Increase2.svg35.0Increase2.svg10,480.1Decrease2.svg13.1Decrease2.svg3,926.7Increase2.svg0.8%Increase Negative.svg19.4%Increase Negative.svg17.2%n/a
2004Increase2.svg37.7Increase2.svg11,289.8Increase2.svg14.9Increase2.svg4,456.8Increase2.svg5.0%Increase2.svg9.2%Decrease Positive.svg13.3%n/a
2005Increase2.svg41.8Increase2.svg12,471.6Increase2.svg18.9Increase2.svg5,638.0Increase2.svg7.5%Increase2.svg4.7%Decrease Positive.svg12.1%n/a
2006Increase2.svg44.9Increase2.svg13,360.9Increase2.svg21.3Increase2.svg6,347.3Increase2.svg4.1%Increase2.svg6.4%Decrease Positive.svg10.8%n/a
2007Increase2.svg49.1Increase2.svg14,616.2Increase2.svg25.5Increase2.svg7,587.9Increase2.svg6.5%Increase2.svg8.1%Decrease Positive.svg9.4%n/a
2008Increase2.svg53.6Increase2.svg15,945.2Increase2.svg33.0Increase2.svg9,808.9Increase2.svg7.2%Increase2.svg7.9%Decrease Positive.svg7.9%46.4%
2009Increase2.svg56.3Increase2.svg16,653.9Increase2.svg34.4Increase2.svg10,181.7Increase2.svg4.2%Increase2.svg7.1%Decrease Positive.svg7.8%Decrease Positive.svg46.4%
2010Increase2.svg61.4Increase2.svg18,069.7Increase2.svg43.8Increase2.svg12,899.7Increase2.svg7.8%Increase2.svg6.7%Decrease Positive.svg7.0%Decrease Positive.svg40.8%
2011Increase2.svg65.9Increase2.svg19,306.8Increase2.svg52.3Increase2.svg15,331.1Increase2.svg5.2%Increase2.svg8.1%Decrease Positive.svg6.3%Increase Negative.svg41.6%
2012Increase2.svg66.8Increase2.svg19,489.1Increase2.svg55.6Increase2.svg16,213.8Increase2.svg3.5%Increase2.svg8.1%Steady2.svg6.3%Increase Negative.svg49.8%
2013Increase2.svg70.4Increase2.svg20,475.3Increase2.svg62.1Increase2.svg18,049.7Increase2.svg4.6%Increase2.svg8.6%Increase Negative.svg6.5%Increase Negative.svg50.1%
2014Increase2.svg74.2Increase2.svg21,491.9Decrease2.svg61.9Decrease2.svg17,908.8Increase2.svg3.2%Increase2.svg8.9%Increase Negative.svg6.6%Increase Negative.svg50.8%
2015Increase2.svg74.9Increase2.svg21,614.5Decrease2.svg57.4Decrease2.svg16,565.8Increase2.svg0.4%Increase2.svg8.7%Increase Negative.svg7.5%Increase Negative.svg57.8%
2016Increase2.svg76.9Increase2.svg22,092.5Decrease2.svg57.2Decrease2.svg16,448.8Increase2.svg1.7%Increase2.svg9.6%Increase Negative.svg7.9%Decrease Positive.svg55.8%
2017Increase2.svg79.1Increase2.svg22,637.3Increase2.svg64.4Increase2.svg18,431.4Increase2.svg1.6%Increase2.svg6.2%Steady2.svg7.9%Increase Negative.svg56.7%
2018Increase2.svg81.4Increase2.svg23,204.0Decrease2.svg64.3Decrease2.svg18,338.8Increase2.svg0.5%Increase2.svg7.6%Increase Negative.svg8.4%Increase Negative.svg58.3%
2019Increase2.svg83.1Increase2.svg23,617.2Decrease2.svg61.0Decrease2.svg17,341.4Increase2.svg0.4%Increase2.svg7.9%Increase Negative.svg8.9%Increase Negative.svg61.0%
2020Decrease2.svg79.0Decrease2.svg22,361.7Decrease2.svg53.7Decrease2.svg15,208.0Decrease2.svg-6.1%Increase2.svg9.8%Increase Negative.svg10.4%Increase Negative.svg68.3%
2021Increase2.svg85.9Increase2.svg24,233.1Increase2.svg59.3Increase2.svg16,735.3Increase2.svg4.4%Increase2.svg7.7%Decrease Positive.svg9.4%Decrease Positive.svg65.1%
2022Increase2.svg96.8Increase2.svg27,232.8Increase2.svg71.2Increase2.svg20,017.6Increase2.svg5.3%Increase2.svg9.1%Decrease Positive.svg7.9%Decrease Positive.svg61.2%
2023Increase2.svg103.8Increase2.svg29,109.3Increase2.svg73.0Increase2.svg20,463.9Increase2.svg3.6%Increase2.svg7.8%Steady2.svg7.9%Increase Negative.svg62.6%
2024Increase2.svg108.9Increase2.svg30,425.7Increase2.svg74.8Increase2.svg20,919.5Increase2.svg2.7%Increase2.svg6.4%Steady2.svg7.9%Increase Negative.svg63.9%
2025Increase2.svg113.7Increase2.svg31,668.3Increase2.svg77.6Increase2.svg21,620.1Increase2.svg2.5%Increase2.svg5.8%Steady2.svg7.9%Increase Negative.svg64.1%
2026Increase2.svg118.4Increase2.svg32,882.5Increase2.svg79.6Increase2.svg22,122.0Increase2.svg2.2%Increase2.svg4.5%Steady2.svg7.9%Increase Negative.svg64.9%
2027Increase2.svg123.3Increase2.svg34,153.7Increase2.svg82.0Increase2.svg22,710.1Increase2.svg2.2%Increase2.svg4.5%Steady2.svg7.9%Decrease Positive.svg64.7%

Uruguay in the world

The following table shows the economic rankings of Uruguay compared to the world:

IndexSourceRankPublished
Quality of Life Index Numbeo [39] 42°2024
Human Development Index UNDP [10] 52°2022
Democracy Index Economist Intelligence Unit [40] 11°2022
Global Peace Index Vision of Humanity [41] 46°2020-2022
Prosperity Index Legatum [42] 37°2021
Corruption Perceptions Index Transparency [43] 14°2023
Economic Freedom Index Heritage [44] 34°2022
Global Competitiveness Report World Economic Forum [45] 54°2019
Cost of Living IndexExpatistan [46] 30°2023
Debt Rating [47] MoodysBAA22021
S&PBBB2017
FitchBBB-2020
Developed Country RecognitionWorld BankHigh Income2023
United NationsVery High HDI2021 (2022 report)
Index of Geopolitical Gains and Losses

after Energy Transition (GeGaLo Index)

Overland et al. [48] 6 out of 1562019

See also

Notes

  1. 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.

Related Research Articles

<span class="mw-page-title-main">Economy of Chile</span>

The economy of Chile operates as a market economy and is classified as a high-income economy by the World Bank. It is recognized as one of the most prosperous countries in South America, leading the region in areas such as competitiveness, income per capita, globalization, economic freedom, and low levels of perceived corruption. Despite its prosperity, Chile experiences significant economic inequality, as reflected by its Gini index, though this is close to the regional average. Among Organisation for Economic Co-operation and Development (OECD) countries, Chile has a robust social security system, with social welfare expenditures amounting to approximately 19.6% of GDP.

<span class="mw-page-title-main">Economy of Colombia</span>

The economy of Colombia is the fourth largest in Latin America as measured by gross domestic product and the third-largest economy in South America. Throughout most of the 20th century, Colombia was Latin America's 4th and 3rd largest economy when measured by nominal GDP, real GDP, GDP (PPP), and real GDP at chained PPPs. Between 2012 and 2014, it became the third largest in Latin America by nominal GDP. As of 2024, the GDP (PPP) per capita has increased to over US$19,000, and real gross domestic product at chained PPPs increased from US$250 billion in 1990 to over US$1 trillion in 2024. Poverty levels were as high as 65% in 1990, but decreased to under 30% by 2014, and 27% by 2018. They decreased by an average of 1.35% per year since 1990.

<span class="mw-page-title-main">Economy of the Dominican Republic</span>

The economy of the Dominican Republic is the seventh largest in Latin America, and is the largest in the Caribbean and Central American region. The Dominican Republic is an upper-middle income developing country with important sectors including mining, tourism, manufacturing, energy, real estate, infrastructure, telecommunications and agriculture. The Dominican Republic is on track to achieve its goal of becoming a high-income country by 2030, and is expected to grow 79% in this decade. The country is the site of the single largest gold mine in Latin America, the Pueblo Viejo mine. Although the service sector is currently the leading employer of Dominicans, agriculture remains an important sector in terms of the domestic market and is in second place in terms of export earnings. Tourism accounts for more than $7.4 billion in annual earnings in 2019. Free-trade zone earnings and tourism are the fastest-growing export sectors. A leading growth engine in the Free-trade zone sector is the production of medical equipment for export having a value-added per employee of US$20,000, total revenue of US$1.5 billion, and a growth rate of 7.7% in 2019. The medical instrument export sector represents one of the highest-value added sectors of the country's economy, a true growth engine for the country's emerging market. Remittances are an important sector of the economy, contributing US$8.2 billion in 2020. Most of these funds are used to cover household expenses, such as housing, food, clothing, health care and education. Secondarily, remittances have financed businesses and productive activities. Thirdly, this combined effect has induced investment by the private sector and helps fund the public sector through its value-added tax. The combined import market including the free-trade-zones amounts to a market of $20 billion a year in 2019. The combined export sector had revenues totaling $11 billion in 2019. The consumer market is equivalent to $61 billion in 2019. An important indicator is the average commercial loan interest rate, which directs short-term investment and stimulates long-term investment in the economy. It is currently 8.30%, as of June 2021.

<span class="mw-page-title-main">Economy of Ecuador</span>

The economy of Ecuador is the eighth largest in Latin America and the 69th largest in the world by total GDP. Ecuador's economy is based on the export of oil, bananas, shrimp, gold, other primary agricultural products and money transfers from Ecuadorian emigrants employed abroad. In 2017, remittances constituted 2.7% of Ecuador's GDP. The total trade amounted to 42% of the Ecuador's GDP in 2017.

<span class="mw-page-title-main">Economy of Ethiopia</span>

The economy of Ethiopia is a mixed and transition economy with a large public sector. The government of Ethiopia is in the process of privatizing many of the state-owned businesses and moving toward a market economy. The banking, telecommunication and transportation sectors of the economy are dominated by government-owned companies.

<span class="mw-page-title-main">Economy of Haiti</span>

Haiti has a free market economy with low labor costs. A republic, it was a French colony before gaining independence in an uprising by its enslaved people. It faced embargoes and isolation after its independence as well as political crises punctuated by foreign interventions and devastating natural disasters. Haiti's estimated population in 2018 was 11,439,646. The Economist reported in 2010: "Long known as the poorest country in the Western hemisphere, Haiti has stumbled from one crisis to another since the Duvalier years."

<span class="mw-page-title-main">Economy of Kenya</span>

The economy of Kenya is market-based with a few state enterprises. Kenya has an emerging market and is an averagely industrialised nation ahead of its East African peers. Currently a lower middle income nation, Kenya plans to be a newly industrialised nation by 2030. The major industries driving the Kenyan economy include financial services, agriculture, real estate, manufacturing, logistics, tourism, retail and energy. As of 2020, Kenya had the third largest economy in Sub-Saharan Africa, behind Nigeria and South Africa. Regionally, Kenya has had a stronger and more stable economy compared to its neighboring countries within East Africa. By 2023, the country had become Africa's largest start-up hub by both funds invested and number of projects.

<span class="mw-page-title-main">Economy of Laos</span>

The economy of Laos is a lower-middle income developing economy. Being a socialist state, the Lao economic model resembles the Chinese socialist market and/or Vietnamese socialist-oriented market economies by combining high degrees of state ownership with openness to foreign direct investment and private ownership in a predominantly market-based framework.

<span class="mw-page-title-main">Economy of Latvia</span>

The economy of Latvia is an open economy in Europe and is part of the European Single Market. Latvia is a member of the World Trade Organization (WTO) since 1999, a member of the European Union since 2004, a member of the Eurozone since 2014 and a member of the OECD since 2016. Latvia is ranked the 14th in the world by the Ease of Doing Business Index prepared by the World Bank Group. According to the Human Development Report 2023/24 by the United Nations Development Programme, has a HDI score of a 0.879. Due to its geographical location, transit services are highly developed, along with timber and wood processing, agriculture and food products, and manufacturing of machinery and electronic devices.

<span class="mw-page-title-main">Economy of Moldova</span>

The economy of Moldova is an emerging upper-middle income economy, Moldova is a landlocked Eastern European country, bordered by Ukraine on the East and Romania to the West. It is a former Soviet republic and today a candidate member to the European Union.

<span class="mw-page-title-main">Economy of Paraguay</span>

The economy of Paraguay is a market economy that is highly dependent on agriculture products. In recent years, Paraguay's economy has grown as a result of increased agricultural exports, especially soybeans. Paraguay has the economic advantages of a young population and vast hydroelectric power. Its disadvantages include the few available mineral resources, and political instability. The government welcomes foreign investment.

<span class="mw-page-title-main">Economy of Tanzania</span>

The economy of Tanzania is a lower-middle income economy that is centered around Manufacturing, Tourism, Agriculture, and financial services. Tanzania's economy has been transitioning from a planned economy to a market economy since 1985. Although total GDP has increased since these reforms began, GDP per capita dropped sharply at first, and only exceeded the pre-transition figure in around 2007.

<span class="mw-page-title-main">Economy of Venezuela</span>

The economy of Venezuela is based primarily on petroleum, as the country holds the largest crude oil supply in the world. Venezuela was historically among the wealthiest economies in South America, particularly from the 1950s to 1980s. During the 21st century, under the leadership of socialist populist Hugo Chávez it saw great increase in GDP, but under his successor Nicolás Maduro, the Venezuelan economy has collapsed, prompting millions of citizens to flee Venezuela. GDP has fallen by 80 percent in less than a decade. The economy is characterized by corruption, food shortages, unemployment, mismanagement of the oil sector, and since 2014, hyperinflation. As of 2024, inflation has stabilized at 59.61%.

<span class="mw-page-title-main">Economy of Tunisia</span>

The economy of Tunisia is in the process of being liberalized after decades of heavy state direction and participation in the country's economy. Prudent economic and fiscal planning has resulted in moderate but sustained growth for over a decade. Tunisia's economic growth historically has depended on oil, phosphates, agri-food products, car parts manufacturing, and tourism. In the World Economic Forum Global Competitiveness Report for 2015–2016, Tunisia ranks in 92nd place.

<span class="mw-page-title-main">Economy of Madagascar</span>

The economy of Madagascar is US$9.769 billion by gross domestic product as of 2020, being a market economy and is supported by an agricultural industry and emerging tourism, textile and mining industries. Malagasy agriculture produces tropical staple crops such as rice and cassava, as well as cash crops such as vanilla and coffee.

<span class="mw-page-title-main">Economy of Guyana</span>

The economy of Guyana is one of the fastest growing economies in the world, with a gross domestic product (GDP) growth of 19.9% in 2021. In 2024, Guyana had a per capita gross domestic product of Int$80,137 and an average GDP growth of 4.2% over the previous decade. Guyana's economy was transformed in 2015 with the discovery of an offshore oil field in the country's waters about 190 km from Georgetown, making the first commercial-grade crude oil draw in December 2019, sending it abroad for refining.

<span class="mw-page-title-main">Economy of Bolivia</span>

The economy of Bolivia is the 95th-largest in the world in nominal terms and the 87th-largest in purchasing power parity. Bolivia is classified by the World Bank to be a lower middle income country. With a Human Development Index of 0.703, it is ranked 114th. Driven largely by its natural resources, Bolivia has become a region leader in measures of economic growth, fiscal stability and foreign reserves, although it remains a historically poor country. The Bolivian economy has had a historic single-commodity focus. From silver to tin to coca, Bolivia has enjoyed only occasional periods of economic diversification. Political instability and difficult topography have constrained efforts to modernize the agricultural sector. Similarly, relatively low population growth coupled with low life expectancy has kept the labor supply in flux and prevented industries from flourishing. Rampant inflation and corruption previously created development challenges, but in the early twenty-first century the fundamentals of its economy showed unexpected improvement, leading Moody's Investors Service to upgrade Bolivia's economic rating in 2010 from B2 to B1. The mining industry, especially the extraction of natural gas and zinc, currently dominates Bolivia's export economy.

The South American economic crisis is the economic disturbances which have developed in 2002 in the South American countries of Argentina, Brazil and Uruguay.

<span class="mw-page-title-main">Economy of Algeria</span>

The economy of Algeria deals with Algeria's current and structural economic situation. Since independence in 1962, Algeria has launched major economic projects to build up a dense industrial base. However, despite these major achievements, the Algerian economy has gone through various stages of turbulence.

<span class="mw-page-title-main">Economy of Argentina</span>

The economy of Argentina is the second-largest national economy in South America, behind Brazil. Argentina is a developing country with a highly literate population, an export-oriented agricultural sector, and a diversified industrial base.

References

  1. "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund . Retrieved 29 September 2019.
  2. "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank . Retrieved 29 September 2019.
  3. "Población en Uruguay aumentó 1%: se contabiliza en 3.444.263 habitantes". Uruguay Presidencia (in Spanish). Archived from the original on 28 November 2023. Retrieved 2024-07-15.
  4. 1 2 3 4 "Report for Selected Countries and Subjects: April 2024". imf.org. International Monetary Fund.
  5. 1 2 3 "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund . April 11, 2023.
  6. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 "The World Factbook". CIA.gov. Central Intelligence Agency . Retrieved 28 January 2019.
  7. "Índice de Precios del Consumo (IPC)". Instituto Nacional de Estadística. 2024-05-03. Retrieved 2024-05-05.
  8. "Uruguay ratifica baja de la pobreza en el último año". ine.gub.uy (in Spanish). Instituto Nacional de Estadística. 2023-03-27. Retrieved 2024-05-05.
  9. "GINI index (World Bank estimate) - Uruguay". data.worldbank.org. World Bank . Retrieved 15 July 2024.
  10. 1 2 3 "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 17 April 2024.
  11. "Corruption Perceptions Index". Transparency International . 30 January 2024. Archived from the original on 30 January 2024. Retrieved 15 July 2024.
  12. "Labor force, total - Uruguay". data.worldbank.org. World Bank . Retrieved 27 April 2021.
  13. 1 2 "Actividad, Empleo y Desempleo". ine.gub.uy. Instituto Nacional de Estadística. Retrieved 27 April 2021.
  14. "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
  15. 1 2 3 Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. London. Retrieved 28 May 2011.
  16. 1 2 3 4 5 6 7 8 9 10 11 Renfrew, Daniel (2019). "Chapter 2: This is Not a Game". Life without lead : contamination, crisis, and hope in Uruguay. Oakland, California. pp. 51–82. ISBN   978-0-520-96824-0. OCLC   1102765674.{{cite book}}: CS1 maint: location missing publisher (link)
  17. 1 2 Jermyn, Leslie; Wong, Winnie (2010). Uruguay. Marshall Cavendish. ISBN   9780761444824.
  18. 1 2 3 Bell, James P. (1971). "Uruguay's Economic Evolution: 1900 to 1968". SAIS Review (1956-1989). 15 (3): 27–35. ISSN   0036-0775.
  19. Socolow, Susan M. (1966). "Uruguay Today". Current History. 51 (303): 270–275. doi:10.1525/curh.1966.51.303.270. ISSN   0011-3530.
  20. Jamie, Mezzera (July 1982). "FREE TRADE AND MARKETS BUT ONLY AS LONG AS WAGES ARE UNDER CONTROL: THE CASE OF URUGUAY IN THE 70s". Center for Latin American Development Studies. 52: 1–6. doi:10.22004/ag.econ.263626.
  21. Piñón, Marco; Gelos, Gaston (2008-08-28). "Uruguay's Monetary Policy Effective Despite Dollarization". IMF Survey Magazine. Retrieved March 4, 2012.
  22. Piñón, Marco; Gelos, Gaston; López-Mejía, Alejandro, eds. (2008). Macroeconomic Implications of Financial Dollarization: The Case of Uruguay. International Monetary Fund. p. 2. ISBN   978-1-58906-727-1.
  23. Uruguay production in 2018, by FAO
  24. Uruguay production in 2018, by FAO
  25. "Uruguay - Renewable Energy Equipment".
  26. "Discover PedidosYa's success story".
  27. Cernuischi, F.; González, F.; Morales Demarco, M.; Marmisolle, J.; Conti, B.; Bossi, J. (2018). "Breve historia de la exploración y explotación de recursos minerales y energéticos en Uruguay y perspectivas a futuro" (PDF). Revista de la Sociedad Uruguaya de Geología (in Spanish). 21. Sociedad Uruguaya de Geología. Retrieved 23 July 2022.
  28. "Uruguay". IMF Staff Country Reports. 19 (65): 1. 2019-02-22. doi:10.5089/9781484399958.002. ISSN   1934-7685.
  29. "Uruguay - Travel & Tourism Total Contribution to GDP - Total Contribution to GDP - % share". Knoema. Archived from the original on 4 March 2016. Retrieved 11 June 2015.
  30. "Country Reports: Uruguay." Uruguay Country Monitor (2014): 16. Business Source Premier. Web. 7 Dec. 2014.
  31. "A.C.A. - Exportaciones 2006". Archived from the original on 2007-04-10. Retrieved 2007-02-13.
  32. "Secretariado Uruguayo de la Lana". Archived from the original on 2020-07-26. Retrieved 2020-07-28.
  33. "Conaprole". Archived from the original on 13 June 2015. Retrieved 11 June 2015.
  34. "SAMAN. Principal exportador de Arroz de América Latina. The leading rice exporter in Latin America". Archived from the original on 10 May 2015. Retrieved 11 June 2015.
  35. "Desarrollo de Aplicaciones Empresariales Multiplataforma - GeneXus". Archived from the original on 16 May 2015. Retrieved 11 June 2015.
  36. "Bantotal". Archived from the original on 28 April 2015. Retrieved 11 June 2015.
  37. "inicio - localhost". Archived from the original on 4 March 2016. Retrieved 11 June 2015.
  38. "Report for Selected Countries and Subjects".
  39. "Quality of Life Index by Country 2023". Numbeo. Retrieved 2024-07-15.
  40. "Democracy Index 2022: Frontline democracy and the battle for Ukraine" (PDF). The Economist. 2023-02-13. Retrieved 2023-02-13.
  41. "Global Peace Index" (PDF). Global Peace Index 2022. Retrieved 2023-02-13.
  42. "The Legatum Prosperity Index™". www.prosperity.com. Retrieved 2023-02-13.
  43. "Corruption Perceptions Index". www.transparency.org. 31 January 2023. Retrieved 2023-02-13.
  44. "Country Rankings: World & Global Economy Rankings on Economic Freedom". www.heritage.org. Retrieved 2023-02-13.
  45. "Reports" (PDF). World Economic Forum. Retrieved 2023-02-13.
  46. "Cost of Living Index". Expatistan, cost of living comparisons. Retrieved 2023-02-13.
  47. "Rating: Uruguay Credit Rating". countryeconomy.com. Retrieved 2023-02-13.
  48. Overland, Indra; Bazilian, Morgan; Ilimbek Uulu, Talgat; Vakulchuk, Roman; Westphal, Kirsten (2019). "The GeGaLo index: Geopolitical gains and losses after energy transition". Energy Strategy Reviews. 26. Bibcode:2019EneSR..2600406O. doi:10.1016/j.esr.2019.100406. hdl: 11250/2634876 .

12. "(Desempleo en Uruguay disminuyó a 7,8% en julio)" . Retrieved 5 May 2024.