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1994-05-02
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<text>
<title>
Uruguay: Economy
</title>
<article><hdr>The World Factbook 1993: Uruguay
Economy</hdr><body>
<p>Overview: Uruguay is a small economy with favorable climate,
good soils, and solid hydropower potential. Economic development
has been held back by excessive government regulation of
economic detail and 50% to 130% inflation. After several years
of sluggish growth, real GDP jumped by about 8% in 1992. The
rise is attributable mainly to an increase in Argentine demand
for Uruguayan exports, particularly agricultural products and
electricity. In a major step toward greater regional economic
cooperation, Uruguay in 1991 had joined Brazil, Argentina, and
Paraguay in forming the Southern Cone Common Market (Mercosur).
A referendum in December 1992 overturned key portions of
landmark privatization legislation, dealing a serious blow to
President LACALLE's broad economic reform plan.
</p>
<p>National product: GDP - exchange rate conversion - $9.8
billion (1992 est.)
</p>
<p>National product real growth rate: 8% (1992 est.)
</p>
<p>National product per capita: $3,100 (1992 est.)
</p>
<p>Inflation rate (consumer prices): 58% (1992 est.)
</p>
<p>Unemployment rate: 9% (1992 est.)
</p>
<p>Budget: revenues $2.9 billion; expenditures $3.0 billion,
including capital expenditures of $388 million (1991)
</p>
<list>
<l>Exports: $1.7 billion (f.o.b., 1992 est.)</l>
<l> commodities: hides and leather goods 17%, beef 10%, wool 9%,
fish 7%, rice 4%</l>
<l> partners: Argentina, Brazil, US, Germany</l>
<l>Imports: $1.7 billion (f.o.b., 1992 est.)</l>
<l> commodities: crude oil, fuels, and lubricants, metals,
machinery, transportation equipment, industrial chemicals</l>
<l> partners: Brazil 23%, Argentina 17%, US 10%, EC 27.1%
(1990)</l>
</list>
<p>External debt: $4.1 billion (1991)
</p>
<p>Industrial production: growth rate -1.4% (1990), accounts for
almost 25% of GDP
</p>
<p>Electricity: 2,168,000 kW capacity; 5,960 million kWh
produced, 1,900 kWh per capita (1992)
</p>
<p>Industries: meat processing, wool and hides, sugar, textiles,
footwear, leather apparel, tires, cement, fishing, petroleum
refining, wine
</p>
<p>Agriculture: large areas devoted to livestock grazing; wheat,
rice, corn, sorghum; self-sufficient in most basic foodstuffs
</p>
<p>Economic aid: US commitments, including Ex-Im (FY70-88), $105
million; Western (non-US) countries, ODA and OOF bilateral
commitments (1970-89), $420 million; Communist countries
(1970-89), $69 million
</p>
<p>Currency: 1 new Uruguayan peso (N$Ur)=100 centesimos
</p>
<p>Exchange rates: new Uruguayan pesos (N$Ur) per US$1 - 3,457.5
(December 1992), 3,026.9 (1992), 2,489 (1991), 1,594 (1990), 805
(1989), 451 (1988), 281 (1987)
</p>
<p>Fiscal year: calendar year
</p></body></article></text>