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South America and South Atlantic Islands
Uruguay |
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Last reviewed: 20 January 2009 |
Country information
ECONOMY
Basic Economic Facts (2007)
GDP: US$ 30.8 B
GDP per head: US$ 9,200
Annual Growth: 11.5%
Inflation: 9.19%
Major exports: Meat, wool, processed rice, hides and skins
Major trading partners: Brazil, United States, China, Argentina, Venezuela
Exchange rate: £1 = $ 36 (December 2008)
The main five export markets in 2008 were Brazil, USA, Argentina, Mexico and Germany. Imports rose by close to 40% in 2008 almost reaching USD 8 billion while exports grew by around 30% to around USD 6.2 billion. Main imports markets were Argentina, Brazil, USA and China.
The public sector is unusually large, accounting for 20% of the workforce. Privatisation activities in recent years have included concessions for mobile telephone networks, a container terminal at the Port of Montevideo, major private toll roads between Montevideo and other cities including the resort town of Punta del Este, and the privatisation of the Montevideo International airport. However, the possibility that the State owned oil monopoly (ANCAP) might be part privatised was ruled out when a referendum on the subject in 2003 voted 64% to keep ANCAP state owned. In spite of this, the government is considering some form of joint partnership with Venezuela's PDVSA (Venezuelan State Petroleum Company). Simultaneously with the 2004 national elections a referendum (promoted by the National Waterworks Union) to overturn the partial privatisation of the country's waterworks and sewerage systems carried with 63.5%. However, a government decree issued in May 2005 states that private companies will be able to continue their services until their contracts with the state expire.
Unemployment in 2008 (Q3) ended at 7.7%. Inflation in 2008 was 9.19%, above government predictions of 3-7%. This is the second time in a row the government missed its target. This time around high food and oil prices were the main culprit.