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Uruguay's economy is characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. After averaging growth of 5% annually during 1996-98, in 1999-2002 the economy 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 unemployment rate rose, inflation surged, and the burden of external debt doubled. Financial assistance from the IMF helped stem the damage. Uruguay restructured its external debt in 2003 without asking creditors to accept a reduction on the principal. Economic growth 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 1.7% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment.
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$43.94 billion (2009 est.)
country comparison to the world: 92
$43.12 billion (2008 est.)
$39.59 billion (2007 est.)
note:
data are in 2009 US dollars
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$31.53 billion (2009 est.)
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1.9% (2009 est.)
country comparison to the world: 85
8.9% (2008 est.)
7.6% (2007 est.)
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$12,600 (2009 est.)
country comparison to the world: 87
$12,400 (2008 est.)
$11,400 (2007 est.)
note:
data are in 2009 US dollars
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agriculture: 9.3%
industry:
22.7%
services:
68% (2009 est.)
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1.636 million (2009 est.)
country comparison to the world: 127
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agriculture: 9%
industry:
15%
services:
76% (2007 est.)
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7.6% (2009 est.)
country comparison to the world: 75
7.6% (2008 est.)
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27.4% of households (2006)
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lowest 10%: 1.7%
highest 10%:
34.8% (2006)
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45.2 (2006)
country comparison to the world: 41
44.8 (1999)
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17.2% of GDP (2009 est.)
country comparison to the world: 123
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revenues: $8.74 billion
expenditures:
$9.376 billion (2009 est.)
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56.6% of GDP (2009 est.)
country comparison to the world: 37
59.8% of GDP (2008 est.)
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7.1% (2009 est.)
country comparison to the world: 170
7.9% (2008 est.)
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10% (31 December 2008)
country comparison to the world: 45
10% (31 December 2007)
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12.45% (31 December 2008)
country comparison to the world: 124
7.25% (31 December 2007)
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$2.247 billion (31 December 2008)
country comparison to the world: 89
$2.145 billion (31 December 2007)
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$9.409 billion (31 December 2008)
country comparison to the world: 66
$7.919 billion (31 December 2007)
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$9.096 billion (31 December 2008)
country comparison to the world: 79
$6.396 billion (31 December 2007)
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$NA (31 December 2008)
country comparison to the world: 112
$159 million (31 December 2007)
$125.1 million (31 December 2006)
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rice, wheat, soybeans, barley; livestock, beef; fish; forestry
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food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages
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1.8% (2009 est.)
country comparison to the world: 56
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9.265 billion kWh (2007 est.)
country comparison to the world: 94
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7.14 billion kWh (2007 est.)
country comparison to the world: 97
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996 million kWh (2007 est.)
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789 million kWh (2007 est.)
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997.4 bbl/day (2009 est.)
country comparison to the world: 104
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40,000 bbl/day (2009 est.)
country comparison to the world: 104
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7,100 bbl/day (2007 est.)
country comparison to the world: 100
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52,730 bbl/day (2007 est.)
country comparison to the world: 84
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0 bbl
country comparison to the world: 109
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0 cu m (2008 est.)
country comparison to the world: 115
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70 million cu m (2008 est.)
country comparison to the world: 106
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0 cu m (2008 est.)
country comparison to the world: 104
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70 million cu m (2008 est.)
country comparison to the world: 68
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0 cu m (1 January 2009 est.)
country comparison to the world: 122
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$184 million (2009 est.)
country comparison to the world: 51
-$1.51 billion (2008 est.)
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$6.395 billion (2009 est.)
country comparison to the world: 96
$7.084 billion (2008 est.)
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meat, rice, leather products, wool, fish, dairy products
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Brazil 21.05%, China 9.45%, Argentina 7.36%, Germany 5.16%, Mexico 4.88%, Netherlands 4.13%, US 3.96% (2009)
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$6.606 billion (2009 est.)
country comparison to the world: 103
$8.811 billion (2008 est.)
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crude petroleum and petroleum products, machinery, chemicals, road vehicles, paper, plastics
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Argentina 20.77%, Brazil 17.53%, China 10.23%, US 9.82%, Paraguay 6.87% (2009)
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$8.038 billion (31 December 2009 est.)
country comparison to the world: 74
$6.36 billion (31 December 2008 est.)
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$12.61 billion (31 December 2009 est.)
country comparison to the world: 75
$10.73 billion (31 December 2008)
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$NA (31 December 2009)
$4.19 billion (2007)
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$156 million (2007)
country comparison to the world: 78
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Uruguayan pesos (UYU) per US dollar - 23.017 (2009), 20.936 (2008), 23.947 (2007), 24.048 (2006), 24.479 (2005)
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