No oil or minerals except for agate, amethysts, unexploited gold deposits and small quantities of iron ore. Little progress in industrialization. Low world agricultural prices.
Profile
Uruguay is traditionally an agricultural economy. Three-quarters of the country is rich pasture, supporting livestock. Much of the rest is devoted to crops. Farming, which formerly brought great wealth to Uruguay, still employs about 15% of the labor force, accounting for about 10% of GDP. Livestock and animal products, especially meat and wool, account for over one-third of export earnings. In addition, manufacturing, which accounts for 25% of GDP, is farm-based. However, tourism has now overtaken both in terms of economic importance. Most economic activity ╨ and half the population ╨ is concentrated in Montevideo. Much of the economy is still state-controlled, including all the largest companies. In 1992, voters rejected a large part of President Herrera's privatization program in a referendum.
