embassy: Lauro Muller 1776, Montevideo 11100
mailing address: APO AA 34035
telephone: [598] (2) 408-777, 203-6061
FAX: [598] (2) 48 86 11
Flag description: nine equal horizontal stripes of white (top and bottom) alternating with blue; there is a white square in the upper hoist-side corner with a yellow sun bearing a human face known as the Sun of May and 16 rays alternately triangular and wavy
Uruguay Economy
Economy - overview: Uruguay's economy is characterized by an export-oriented agricultural sector, a well-educated workforce, relatively even income distribution, and high levels of social spending. After averaging growth of 5% annually in 1996-98, in 1999-2000 the economy suffered from lower demand in Argentina and Brazil, which together account for about half of Uruguay's exports. Despite the severity of the trade shocks, Uruguay's financial indicators remained more stable than those of its neighbors, a reflection of its solid reputation among investors and its investment-grade sovereign bond rating - one of only two in Latin America. Challenges for the government of President Jorge BATLLE include expanding Uruguay's trade ties beyond its MERCOSUR trade partners and reducing the costs of public services. GDP fell by 1.1% in 2000 and will grow by perhaps 1.5% in 2001.
GDP: purchasing power parity - $31 billion (2000 est.)
GDP - real growth rate: -1.1% (2000 est.)
GDP - per capita: purchasing power parity - $9,300 (2000 est.)