Countries
Uruguay
Key Economic Indicators
$123.33 billion
$36,418
3.11%
4.85%
7.52%
$80.962 billion (2024 est.)
66 % of GDP
$-632,864,632
Economic Overview
high-income, export-oriented South American economy; South America’s largest middle class; low socioeconomic inequality; growing homicide rates; growing Chinese and EU relations; 2019 Argentine recession hurt; key milk, beef, rice, and wool exporter
All Economic Data
Agricultural products
milk, rice, wheat, barley, soybeans, beef, rapeseed, sugarcane, maize, beef offal (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
1.2% of household expenditures (2023 est.)
On food:
18.7% of household expenditures (2023 est.)
Budget
Expenditures:
$17.808 billion (2023 est.)
Note:
<b>note:</b> central government revenues (excluding grants) and expenditures converted to US dollars at average official exchange rate for year indicated
Revenues:
$27.781 billion (2023 est.)
Currency
code:
UYU
name:
Uruguayan peso (UYU) [$]
Current account balance
$-632,864,632
Current account balance 2022:
-$2.675 billion (2022 est.)
Current account balance 2023:
-$2.64 billion (2023 est.)
Current account balance 2024:
-$821.38 million (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Exchange rates
Currency:
Uruguayan pesos (UYU) per US dollar -
Exchange rates 2020:
42.013 (2020 est.)
Exchange rates 2021:
43.555 (2021 est.)
Exchange rates 2022:
41.171 (2022 est.)
Exchange rates 2023:
38.824 (2023 est.)
Exchange rates 2024:
40.213 (2024 est.)
Exports
$23.29 billion
Exports 2022:
$23.56 billion (2022 est.)
Exports 2023:
$21.946 billion (2023 est.)
Exports 2024:
$23.329 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
wood pulp, beef, milk, rice, wood (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
China 21%, Brazil 17%, USA 8%, Argentina 5%, Netherlands 5% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$-3,936,668,278
GDP - composition, by end use
Exports of goods and services:
22.5% (2015 est.)
Government consumption:
13.8% (2015 est.)
Household consumption:
66.8% (2015 est.)
Imports of goods and services:
-22.9% (2015 est.)
Investment in fixed capital:
19.8% (2015 est.)
Investment in inventories:
-0.1% (2015 est.)
Note:
<b>note:</b> figures may not total 100% due to rounding or gaps in data collection
GDP - composition, by sector of origin
Agriculture:
6.4% (2024 est.)
Industry:
16.8% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
65.3% (2024 est.)
GDP (official exchange rate)
$80.962 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$23,907
Gini Index coefficient - distribution of family income
39.7 (2019)
Gini Index coefficient - distribution of family income 2023:
40.9 (2023 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$75.96 billion
GNI per capita
$21,650
Gross domestic investment
16 % of GDP
Household income or consumption by percentage share
Highest 10%:
30.8% (2023 est.)
Lowest 10%:
2.1% (2023 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
$19.19 billion
Imports 2022:
$19.639 billion (2022 est.)
Imports 2023:
$19.259 billion (2023 est.)
Imports 2024:
$19.117 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
crude petroleum, refined petroleum, cars, trucks, fertilizers (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
Brazil 22%, China 18%, Argentina 11%, USA 9%, Nigeria 4% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
4.4% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
Industries
food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages
Inflation rate (consumer prices)
4.85%
Inflation rate (consumer prices) 2022:
9.1% (2022 est.)
Inflation rate (consumer prices) 2023:
5.9% (2023 est.)
Inflation rate (consumer prices) 2024:
4.8% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
1.768 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
1.81 million persons
Labor force - by occupation
agriculture:
8.07%
industry:
18.78%
services:
73.15%
Population below poverty line
10.1% (2023 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
66 % of GDP
Note:
<b>note:</b> central government debt as a % of GDP
Public debt 2023:
62.4% of GDP (2023 est.)
Real GDP (purchasing power parity)
$123.33 billion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$104.456 billion (2022 est.)
Real GDP (purchasing power parity) 2023:
$105.231 billion (2023 est.)
Real GDP (purchasing power parity) 2024:
$108.502 billion (2024 est.)
Real GDP growth rate
3.11%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
4.5% (2022 est.)
Real GDP growth rate 2023:
0.7% (2023 est.)
Real GDP growth rate 2024:
3.1% (2024 est.)
Real GDP per capita
$36,418
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$30,800 (2022 est.)
Real GDP per capita 2023:
$31,100 (2023 est.)
Real GDP per capita 2024:
$32,000 (2024 est.)
Remittances
$136.12 million
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
0.2% of GDP (2022 est.)
Remittances 2023:
0.2% of GDP (2023 est.)
Remittances 2024:
0.2% of GDP (2024 est.)
Reserves of foreign exchange and gold
$17.38 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$15.127 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$16.257 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$17.378 billion (2024 est.)
Revenue (excl grants)
31 % of GDP
Tax revenue
18 % of GDP
Taxes and other revenues
18.7% (of GDP) (2023 est.)
note:
<b>note:</b> central government tax revenue as a % of GDP
Unemployment rate
7.52%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
7.9% (2022 est.)
Unemployment rate 2023:
8.4% (2023 est.)
Unemployment rate 2024:
8.5% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
29.8% (2024 est.)
Male:
23.5% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
26.4% (2024 est.)
World Bank Indicators
Currency
Uruguayan peso (UYU) $ (2025)
Gini Index
39.70 (2019)
Languages
Spanish (2025)
Economic Rankings
Unemployment Rate
#55
GDP per Capita
#58
Gini Index
#61
Reserves
#66
GDP (Nominal)
#79
Exports
#86
Inflation Rate
#89
GDP (PPP)
#94
Imports
#96
GDP Growth Rate
#110
Quick Facts
Industries
food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages
Agricultural products
milk, rice, wheat, barley, soybeans, beef, rapeseed, sugarcane, maize, beef offal (2023)
Labor force
1.768 million (2024 est.)
Exports - partners
China 21%, Brazil 17%, USA 8%, Argentina 5%, Netherlands 5% (2023)
Imports - partners
Brazil 22%, China 18%, Argentina 11%, USA 9%, Nigeria 4% (2023)
Exchange rates
Uruguayan pesos (UYU) per US dollar -
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