Economy of Uruguay

Economy of Uruguay
	World Trade Center Montevideo
Currency	Uruguayan peso (UYU, $U)
Fiscal year	Calendar year
Trade organizations	WTO, ALADI, Mercosur, Andean Community (associate)
Country group	Developing/Emerging; High-income economy;
Statistics
Population	3,444,263 (2023)
GDP	$79.73 billion (nominal; 2025); $130.21 billion (PPP; 2025);
GDP rank	83th (nominal; 2025); 95th (PPP; 2025);
GDP growth	0.7% (2023); 3.1% (2024); 2.8% (2025); 2.6% (2026f);
GDP per capita	$22,690 (nominal; 2025); $37,060 (PPP; 2025);
GDP per capita rank	50th (nominal; 2025); 57th (PPP; 2025);
GDP by sector	agriculture: 6.2%; industry: 24.1%; services: 69.7%; (2017 est.);
Inflation (CPI)	3.96% (April 2024)
Population below poverty line	9.1% (2022)
Gini coefficient	40.6 medium (2022, World Bank)
Human Development Index	0.862 very high (2023) (48th); 0.747 high (53rd) IHDI (2023);
Labor force	1,686,487 (2020); 54.9% employment rate (February 2021);
Labor force by occupation	agriculture: 13%; industry: 14%; services: 73%; (2010 est.);
Unemployment	7.8% (July 2023)
Main industries	food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages
External
Exports	$12.845 million (2024)
Export goods	beef, soybeans, cellulose, rice, wheat, wood, dairy products, wool
Main export partners	China 24%; Brazil 18%; European Union 14%; United States 9%; Argentina 5%; Turkey 4%; (2024);
Imports	$ 10.875 million (2024)
Import goods	refined oil, crude oil, passenger and other transportation vehicles, vehicle parts, cellular phones
Main import partners	China 30%; Brazil 25%; European Union 13%; Argentina 12%; (2024);
FDI stock	$44.84 billion (31 December 2017 est.); Abroad: $19.97 billion (31 December 2017 est.);
Current account	$879 million (2017 est.)
Gross external debt	$28.37 billion (31 December 2017 est.)
Public finances
Government debt	57.4% of GDP (2022 est.)
Foreign reserves	$15.96 billion (31 December 2017 est.)
Budget balance	−3.5% (of GDP) (2017 est.)
Revenues	17.66 billion (2017 est.)
Expenses	19.72 billion (2017 est.)
Credit rating	Standard & Poor's:; BB (Domestic); BB (Foreign); BBB+ (T&C Assessment); Outlook: Stable; Moody's:; Ba1; Outlook: Stable; Fitch:; BB; Outlook: Positive;
	All values, unless otherwise stated, are in US dollars.

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.

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.

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.