Uruguay - Economy
How is the economy of Uruguay? Based on the information we have, Uruguay has a high-income, export-oriented South American economy; South America’s largest middle class; low socioeconomic inequality; growing homicide rates; growing Chinese and EU relations; 2019 Argentine recession hurt; key milk, beef, rice, and wool exporter. Key agricultural products in this country include: milk, rice, wheat, barley, soybeans, beef, rapeseed, sugarcane, maize, oranges (2022).
More about the economy of Uruguay
| Labor force | 1.775 million (2023 est.) |
|---|---|
| Industrial production growth rate | -3.83% (2023 est.) |
| Industries | food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages |
| Population below poverty line | 9.9% (2022 est.) |
| Taxes and other revenues | 18.51% (of GDP) (2020 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Uruguayan pesos (UYU) per US dollar - |
| Exchange rates 2023 | 38.824 (2023 est.) |
| Exchange rates 2022 | 41.171 (2022 est.) |
| Exchange rates 2021 | 43.555 (2021 est.) |
| Exchange rates 2020 | 42.013 (2020 est.) |
| Exchange rates 2019 | 35.255 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $16.257 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $15.127 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $16.963 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | -$2.797 billion (2023 est.) |
| Current account balance 2022 | -$2.725 billion (2022 est.) |
| Current account balance 2021 | -$1.472 billion (2021 est.) |
| Public debt | |
| Public debt 2020 | 60.28% of GDP (2020 est.) |
| Budget | |
| Revenues | $16.522 billion (2020 est.) |
| Expenditures | $18.58 billion (2020 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.16% of GDP (2023 est.) |
| Remittances 2022 | 0.18% of GDP (2022 est.) |
| Remittances 2021 | 0.21% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.2% (2022 est.) |
| Highest 10% | 30.5% (2022 est.) |
| Average household expenditures | |
| On food | 18.6% of household expenditures (2022 est.) |
| On alcohol and tobacco | 1.3% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $18.865 billion (2023 est.) |
| Imports 2022 | $18.993 billion (2022 est.) |
| Imports 2021 | $15.134 billion (2021 est.) |
| Imports (partners) | Brazil 20%, China 18%, US 15%, Argentina 11%, Germany 3% (2022) |
| Comodities Imports force | crude petroleum, fertilizers, cars, packaged medicine, broadcasting equipment (2022) |
| Exports | |
| Imports 2023 | $18.865 billion (2023 est.) |
| Imports 2022 | $18.993 billion (2022 est.) |
| Imports 2021 | $15.134 billion (2021 est.) |
| Exports (partners) | China 24%, Brazil 14%, Argentina 8%, US 7%, Netherlands 5% (2022) |
| Comodities Exports force | beef, wood pulp, soybeans, milk, rice (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $105.096 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $104.711 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $100.004 billion (2021 est.) |
| GDP (official exchange rate) | $77.241 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $30,700 (2023 est.) |
| Real GDP per capita 2022 | $30,600 (2022 est.) |
| Real GDP per capita 2021 | $29,200 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 5.6% (2023 est.) |
| Industry | 16.4% (2023 est.) |
| Services | 66.3% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 66.8% (2015 est.) |
| Government consumption | 13.8% (2015 est.) |
| Investment in fixed capital | 17.4% (2023 est.) |
| Investment in inventories | -0.1% (2023 est.) |
| Exports of goods and services | 27.5% (2023 est.) |
| Imports of goods and services | -24.2% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 8.35% (2023 est.) |
| Unemployment rate 2022 | 7.88% (2022 est.) |
| Unemployment rate 2021 | 9.3% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 26.2% (2023 est.) |
| Male | 24.4% (2023 est.) |
| Female | 28.3% (2023 est.) |
All Important Facts about Uruguay
Want to know more about Uruguay? Check all different factbooks for Uruguay below.
