Software and consulting. An outbreak of hoof-and-mouth disease among its cattle and an energy crisis in Brazil also adversely affected the economy. List of Latin American and Caribbean countries by GDP growth, List of Latin American and Caribbean countries by GDP (nominal), List of Latin American and Caribbean countries by GDP (PPP), "World Economic Outlook Database, April 2019", "World Economic Outlook Database, October 2019", "Poverty headcount ratio at national poverty lines (% of population) - Uruguay", "GINI index (World Bank estimate) - Uruguay", "Inequality-adjusted Human Development Index (IHDI)", "How Fitch, Moody's and S&P rate each country's credit rating", "Uruguay's Monetary Policy Effective Despite Dollarization", "Uruguay is now generating 95% of its electricity from renewable energy", https://doi.org/10.1016/j.esr.2019.100406, "Uruguay - Travel & Tourism Total Contribution to GDP - Total Contribution to GDP - % share", "SAMAN. The tourism industry in Uruguay is an important part of its economy. Uruguay's well-educated workforce and lower-than-international wages have put Uruguay on the IT map. By 2002, the total debt stood at around $13.5 billion, some 65% of GDP, and the fiscal deficit stood at around 3% of GDP. Avoid placing feet on top of furniture such as chairs, desks or tables, it is considered disrespectful. 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. The number of trade unionists has quadrupled since 2003, from 110,000 to more than 400,000 in 2015 for a working population of 1.5 million people. [23] Their tourist industry is mainly characterized for attracting visitors from neighboring countries. Uruguay's economy contracted 10.6 percent in the second quarter of 2020, following a 1.4 percent drop in the previous three-month period. CS1 maint: multiple names: authors list (. Wool is a traditional product exported mainly to America, followed by the UK and India. GDP contracted 10.6% year-on-year in Q2, a sharper decline than the 1.4% drop logged in Q1 and marking the worst reading since current records began in 1998, as the Covid-19 pandemic battered the economy. [21] The country is likely to benefit greatly from the global transition to renewable energy and is ranked no. Beef exports in 2006 amounted to around 37% of Uruguayan exports. Economy | September 30th 2020 Uruguay's GDP declines by more than 9% in Q2. Uruguay has a partially dollarized economy. Shipments of meat, vegetables, rice and dairy products account for 52 percent of total exports. Principal exportador de arroz de América Latina. Public Sector: The state in Uruguay has an important role in the economy, Uruguay resisted the trend of privatization in Utilities and state owned enterprises in the region. - The New York Times, Sep 22, 2006. Note: Percentile ranks are calculated using the latest available data for all countries within the last 5 years. In the last decade, Uruguay has been one of the fastest growing economies in Latin America. More news Uruguay Country Monitor (2014): 16. Business Source Premier. Improve an international business course? [24][1][permanent dead link]. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. The following table shows the position of Uruguay in the world. The economy of Uruguay is characterized by an export-oriented agricultural sector and a well-educated work force, along with high levels of social spending. Uruguay is considered the second least corrupt country in Latin America. Claudio Williman who served between Batlle’s two terms was his supporter and continued all his reforms, as did the next President Baltasar Brum (1919–1923). After the 2002 crisis, the country has returned to high growth rates, expanding on average 1.3 percent from 2005 to 2012 on a quarter over quarter basis. Web. There is strong debate in the Uruguayan society about their role, and future. These investments laid the way for most of the substantial exports of plastic-based products which has taken a very important role in Uruguay's economy. Throughout Uruguay's history, their strongest exporting industries have been beef and wool. The national company Saman claims to be the main exporter in Latin America. Cattle were introduced to Uruguay before its independence by Hernando Arias de Saavedra, the Spanish Governor of Buenos Aires in 1603. Top 3 Trade Partners (2018): China, Brazil, and Argentina
Uruguay has an export-oriented agricultural sector. Direct access to our calendar releases and historical data. Top 3 Exported Goods (2018): Meat, Wood, and Dairy Products, Food Processing; Electrical Machinery; Transportation Equipment; Petroleum Products, GDP Country Rank
Click on a row to display its 5-year graph on the right. 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. Uruguay is endowed with renewable energy resources and the country produces 95% of its electricity from alternative energy sources. "Country Reports: Uruguay." According to the International Trade Union Confederation, Uruguay has become the most advanced country in the Americas in terms of respect for "fundamental labour rights, in particular freedom of association, the right to collective bargaining and the right to strike".
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