Uruguay is a country located in South America bordering the Southern Atlantic Ocean. Neighboring countries include Argentina and Brazil. The geography of Uruguay includes mostly rolling grassland and a dense network of rivers. The government system is a constitutional republic; the chief of state and head of government is the president. Uruguay has a mixed economic system in which there is a variety of private freedom, combined with centralized economic planning and government regulation. Uruguay is a member of the Common MarketThe commercial activity of buying and selling goods and serv... of the South (Mercosur).
The economyThe management of money, currency and trade of a nation. The... of Uruguay is characterized by an export-oriented agricultural sector and a well-educated work force, along with high levels of social spending. After averaging growth of 5% annually during 1996–98, in 1999–2002 the economyThe management of money, currency and trade of a nation. The... suffered a major downturn, 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, a banking crisis, and a sharp economic contraction. Real GDP fell in four years by nearly 20%, with 2002 the worst year. The unemploymentAn economic situation in which jobless people, often those w... rate rose, inflationNormally referring to the economy of a country, inflation is... surged, and the burden of external debtAlso known as Foreign Debt. Money that is owed by the govern... doubled. Financial assistance from the IMF helped stem the damage. Uruguay restructured its external debtAlso known as Foreign Debt. Money that is owed by the govern... in 2003 without asking creditors to accept a reduction on the principalIn finance, principal (the principal, or the principal sum/a.... Economic growthAn increase in a region's or nation's production of goods an... for Uruguay resumed, and averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay’s vigorous growth, which decelerated to 2.9% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investmentMoney or capital that is invested in a business or in an acc..., and GDP growth exceeded 7% in 2010.
Following financial difficulties in the late 1990s and early 2000s, Uruguay’s economic growthAn increase in a region's or nation's production of goods an... averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay’s vigorous growth, which decelerated to 2.6% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investmentMoney or capital that is invested in a business or in an acc...; GDP growth reached 8.9% in 2010 but slowed in 2012-13 as a result of a renewed slowdown in the global economyThe management of money, currency and trade of a nation. The... and in Uruguay’s main tradeThe buying and selling or exchange of goods and services. Th... partners and Mercosur counterparts, Argentina and Brazil.
Important Details
- Country ISO3 : URY
- Country Code : 858
- Income Group : High income
- Lending Category : IBRD
- Region : Latin America & Caribbean
- Currency Unit: Uruguayan peso
- WTO Member : Yes
- TradeThe buying and selling or exchange of goods and services. Th... organisations : WTO
- world rank : 41
- Regional Ranking : 6th in the South and Central America/Caribbean Region
