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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, beef offal (2023).
More about the economy of Uruguay
| Labor force | 1.768 million (2024 est.) |
|---|---|
| Industrial production growth rate | 4.4% (2024 est.) |
| Industries | food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages |
| Population below poverty line | 10.1% (2023 est.) |
| Taxes and other revenues | 18.7% (of GDP) (2023 est.) |
| Fiscal year | N/A |
| Exchange rates | |
| Currency | Uruguayan pesos (UYU) per US dollar - |
| Exchange rates 2024 | 40.213 (2024 est.) |
| 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.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $17.378 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $16.257 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $15.127 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | -$821.38 million (2024 est.) |
| Current account balance 2023 | -$2.64 billion (2023 est.) |
| Current account balance 2022 | -$2.675 billion (2022 est.) |
| Public debt | |
| Public debt 2023 | 62.4% of GDP (2023 est.) |
| Budget | |
| Revenues | $27.781 billion (2023 est.) |
| Expenditures | $17.808 billion (2023 est.) |
| Budget surplus (+) or deficit (-) | N/A |
| Remittances | |
| Remittances 2024 | 0.2% of GDP (2024 est.) |
| Remittances 2023 | 0.2% of GDP (2023 est.) |
| Remittances 2022 | 0.2% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 2.1% (2023 est.) |
| Highest 10% | 30.8% (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.) |
| Imports | |
| Imports 2024 | $19.117 billion (2024 est.) |
| Imports 2023 | $19.259 billion (2023 est.) |
| Imports 2022 | $19.639 billion (2022 est.) |
| Imports (partners) | Brazil 22%, China 18%, Argentina 11%, USA 9%, Nigeria 4% (2023) |
| Comodities Imports force | crude petroleum, refined petroleum, cars, trucks, fertilizers (2023) |
| Exports | |
| Exports 2024 | $23.329 billion (2024 est.) |
| Exports 2023 | $21.946 billion (2023 est.) |
| Exports 2022 | $23.56 billion (2022 est.) |
| Exports (partners) | China 21%, Brazil 17%, USA 8%, Argentina 5%, Netherlands 5% (2023) |
| Comodities Exports force | wood pulp, beef, milk, rice, wood (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $108.502 billion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $105.231 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $104.456 billion (2022 est.) |
| GDP (official exchange rate) | $80.962 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $32,000 (2024 est.) |
| Real GDP per capita 2023 | $31,100 (2023 est.) |
| Real GDP per capita 2022 | $30,800 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 6.4% (2024 est.) |
| Industry | 16.8% (2024 est.) |
| Services | 65.3% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 66.8% (2015 est.) |
| Government consumption | 13.8% (2015 est.) |
| Investment in fixed capital | 19.8% (2015 est.) |
| Investment in inventories | -0.1% (2015 est.) |
| Exports of goods and services | 22.5% (2015 est.) |
| Imports of goods and services | -22.9% (2015 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 8.5% (2024 est.) |
| Unemployment rate 2023 | 8.4% (2023 est.) |
| Unemployment rate 2022 | 7.9% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 26.4% (2024 est.) |
| Male | 23.5% (2024 est.) |
| Female | 29.8% (2024 est.) |
All Important Facts about Uruguay
Want to know more about Uruguay? Check all different factbooks for Uruguay below.
