Uruguay

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Uruguay - In Short.

Overview of Uruguay

Montevideo, founded by the Spanish in 1726 as a military stronghold, soon took advantage of its natural harbor to become an important commercial center. Claimed by Argentina but annexed by Brazil in 1821, Uruguay declared its independence four years later and secured its freedom in 1828 after a three-year struggle. The administrations of President Jose BATLLE in the early 20th century launched widespread political, social, and economic reforms that established a statist tradition. A violent Marxist urban guerrilla movement named the Tupamaros, launched in the late 1960s, led Uruguay’s president to cede control of the government to the military in 1973. By yearend, the rebels had been crushed, but the military continued to expand its hold over the government. Civilian rule was restored in 1985. In 2004, the left-of-center Frente Amplio Coalition won national elections that effectively ended 170 years of political control previously held by the Colorado and National (Blanco) parties. Uruguay’s political and labor conditions are among the freest on the continent.
Value
Country Full Name
Uruguay
Country Code
URY
Region
Latin America & Caribbean
Income Group
High income
Currency Unit
GDP
53628827440
Population
3473727
Land Area
175020
Net National Income Per Capita
12950.02837
GDP per Capita (PPP)
22793.68798

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Uruguay - Economic

Economy of Uruguay

Uruguay has a free market economy characterized by an export-oriented agricultural sector, a well-educated workforce, 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 2004-08 period. The 2008-09 global financial crisis put a brake on Uruguay’s vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country avoided a recession and kept growth rates positive, mainly through higher public expenditure and investment; GDP growth reached 8.9% in 2010 but slowed markedly in the 2012-16 period as a result of a renewed slowdown in the global economy and in Uruguay’s main trade partners and Mercosur counterparts, Argentina and Brazil. Reforms in those countries should give Uruguay an economic boost. Growth picked up in 2017.

Unemployment Rate

Inflation Rate

Uruguay - GDP Composition

GDP Composiiton & Value Added of Uruguay

Last Updated: Jan, 2021, Updated For 2020.

Uruguay - GDP, Value Added

Demographics of Uruguay

most of the country’s population resides in the southern half of the country; approximately 80% of the populace is urban, living in towns or cities; nearly half of the population lives in and around the capital of Montevideo
Geographic Location

Southern South America, bordering the South Atlantic Ocean, between Argentina and Brazil

Races

White 87.7%, Black 4.6%, Indigenous 2.4%, other 0.3%, none or unspecified 5% (2011 est.)note: data represent primary ethnic identity

Languages

Spanish (official)major-language

Religion

Roman Catholic 42%, Protestant 15%, other 6%, agnostic 3%, atheist 10%, unspecified 24% (2014 est.)

Dependency & Expectancy of Uruguay

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Uruguay - Social Media Briefing

Uruguay - Social Media & Social Commerce

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Politics & Policies of Uruguay

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

CAN (associate), CD, CELAC, FAO, G-77, IADB, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, LAES, LAIA, Mercosur, MIGA, MINUSTAH, MONUSCO, NAM (observer), OAS, OIF (observer), OPANAL, OPCW, Pacific Alliance (observer), PCA, SICA (observer), UN, UNASUR, UNCTAD, UNESCO, UNIDO, Union Latina, UNMOGIP, UNOCI, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

Import of Uruguay

Export of Uruguay

Import Destination

Export Destination