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  3. /Uruguay
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Uruguay
Uruguay

Economy

Uruguay

Budget

note: revenues and expenditures of the central government (excluding grants) converted to US dollars using the average official exchange rate for the specified year

revenues

$27.781 billion (2023 est.)

expenditures

$17.808 billion (2023 est.)

Exports

note: balance of payments - exports of goods and services expressed in current dollars

Exports 2022

$23.56 billion (2022 est.)

Exports 2023

$21.946 billion (2023 est.)

Exports 2024

$23.329 billion (2024 est.)

Imports

note: balance of payments - imports of goods and services expressed in current dollars

Imports 2022

$19.639 billion (2022 est.)

Imports 2023

$19.259 billion (2023 est.)

Imports 2024

$19.117 billion (2024 est.)

Industries

beverages, chemicals, textiles, petroleum products, transportation equipment, electrical machinery, food processing

Labor force

note: total number of individuals aged 15 and above who are either employed or actively seeking employment

1.768 million (2024 est.)

Public debt

note: central government debt as a percentage of GDP

Public debt 2023

62.4% of GDP (2023 est.)

Remittances

note: financial transfers and compensations occurring between resident and non-resident individuals/households/entities

Remittances 2022

0.2% of GDP (2022 est.)

Remittances 2023

0.2% of GDP (2023 est.)

Remittances 2024

0.2% of GDP (2024 est.)

Exchange rates

Currency

Uruguayan pesos (UYU) per US dollar -

Exchange rates 2020

42.013 (2020 est.)

Exchange rates 2021

43.555 (2021 est.)

Exchange rates 2022

41.171 (2022 est.)

Exchange rates 2023

38.824 (2023 est.)

Exchange rates 2024

40.213 (2024 est.)

Economic overview

A high-income, export-driven economy in South America; it boasts the largest middle class in the region; characterized by low socioeconomic inequality; facing increasing homicide rates; strengthening ties with China and the EU; the 2019 recession in Argentina had negative effects; it is a significant exporter of milk, beef, rice, and wool.

Unemployment rate

note: percentage of the labor force that is in search of employment

Unemployment rate 2022

7.9% (2022 est.)

Unemployment rate 2023

8.4% (2023 est.)

Unemployment rate 2024

8.5% (2024 est.)

Exports - partners

note: leading five export partners based on the share of exports

China 21%, Brazil 17%, USA 8%, Argentina 5%, Netherlands 5% (2023)

Imports - partners

note: leading five import partners based on the share of imports

Brazil 22%, China 18%, Argentina 11%, USA 9%, Nigeria 4% (2023)

Real GDP per capita

note: data expressed in dollars from the year 2021

Real GDP per capita 2022

$30,800 (2022 est.)

Real GDP per capita 2023

$31,100 (2023 est.)

Real GDP per capita 2024

$32,000 (2024 est.)

Real GDP growth rate

note: annual percentage growth of GDP calculated using constant local currency

Real GDP growth rate 2022

4.5% (2022 est.)

Real GDP growth rate 2023

0.7% (2023 est.)

Real GDP growth rate 2024

3.1% (2024 est.)

Agricultural products

note: top ten agricultural products ranked by tonnage

beef, maize, sugarcane, rapeseed, soybeans, barley, wheat, rice, milk, beef offal (2023)

Exports - commodities

note: leading five export commodities ranked by dollar value

wood pulp, beef, milk, rice, wood (2023)

Imports - commodities

note: leading five import commodities ranked by dollar value

crude petroleum, refined petroleum, trucks, cars, fertilizers (2023)

Current account balance

note: balance of payments - net trade and primary/secondary income expressed in current dollars

Current account balance 2022

-$2.675 billion (2022 est.)

Current account balance 2023

-$2.64 billion (2023 est.)

Current account balance 2024

-$821.38 million (2024 est.)

Taxes and other revenues

note: central government tax revenues as a percentage of GDP

18.7% (of GDP) (2023 est.)

GDP (official exchange rate)

note: data presented in current dollars based on the official exchange rate

$80.962 billion (2024 est.)

GDP - composition, by end use

note: totals may not equal 100% due to rounding or data collection discrepancies

household consumption

66.8% (2015 est.)

government consumption

13.8% (2015 est.)

investment in inventories

-0.1% (2015 est.)

investment in fixed capital

19.8% (2015 est.)

exports of goods and services

22.5% (2015 est.)

imports of goods and services

-22.9% (2015 est.)

Population below poverty line

note: percentage of the population living below the national poverty line

10.1% (2023 est.)

Average household expenditures

on food

18.7% of household expenditures (2023 est.)

on alcohol and tobacco

1.2% of household expenditures (2023 est.)

Inflation rate (consumer prices)

note: annual percentage change based on consumer price fluctuations

Inflation rate (consumer prices) 2022

9.1% (2022 est.)

Inflation rate (consumer prices) 2023

5.9% (2023 est.)

Inflation rate (consumer prices) 2024

4.8% (2024 est.)

Industrial production growth rate

note: annual percentage change in industrial value added calculated using constant local currency

4.4% (2024 est.)

Real GDP (purchasing power parity)

note: data expressed in dollars from the year 2021

Real GDP (purchasing power parity) 2022

$104.456 billion (2022 est.)

Real GDP (purchasing power parity) 2023

$105.231 billion (2023 est.)

Real GDP (purchasing power parity) 2024

$108.502 billion (2024 est.)

Youth unemployment rate (ages 15-24)

male

23.5% (2024 est.)

note: percentage of the labor force aged 15-24 that is seeking employment

total

26.4% (2024 est.)

female

29.8% (2024 est.)

Reserves of foreign exchange and gold

note: reserves of gold (based on year-end prices), foreign exchange, and special drawing rights in current dollars

Reserves of foreign exchange and gold 2022

$15.127 billion (2022 est.)

Reserves of foreign exchange and gold 2023

$16.257 billion (2023 est.)

Reserves of foreign exchange and gold 2024

$17.378 billion (2024 est.)

GDP - composition, by sector of origin

note: totals may not equal 100% due to unrecorded consumption not reflected in sector-reported data

industry

16.8% (2024 est.)

services

65.3% (2024 est.)

agriculture

6.4% (2024 est.)

Household income or consumption by percentage share

note: percentage share of income received by the lowest and highest 10% of the population

lowest 10%

2.1% (2023 est.)

highest 10%

30.8% (2023 est.)

Gini Index coefficient - distribution of family income

note: index (0-100) representing income distribution; higher values indicate greater inequality

Gini Index coefficient - distribution of family income 2023

40.9 (2023 est.)

Explore Uruguay

CommunicationsEnergyEnvironmentGeographyGovernmentIntroductionMilitary & SecurityPeople & SocietyTransnational IssuesTransportation