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 with
16 rays that alternate between triangular and wavy
Economy Uruguay
Economy - overview:
Uruguay's well-to-do 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. For instance, in
2001-02 Argentina made massive withdrawals of dollars deposited in
Uruguayan banks, which led to a plunge in the Uruguayan peso and a
massive rise in unemployment. Total GDP in these four years dropped
by nearly 20%, with 2002 the worst year due to the banking crisis.
The unemployment rate rose to nearly 20% in 2002, inflation surged,
and the burden of external debt doubled. Cooperation with the IMF
helped stem the damage. A debt swap with private-sector creditors in
2003 extended the maturity dates on nearly half of Uruguay's then
$11.3 billion of public debt and helped restore public confidence.
The economy grew about 10% in 2004 as a result of high commodity
prices for Uruguayan exports, a competitive peso, growth in the
region, and low international interest rates, but slowed to 6.1% in
2005.
GDP (purchasing power parity):
$33.98 billion (2005 est.)
GDP (official exchange rate):
$13.24 billion (2005 est.)
GDP - real growth rate:
6.8% (2005 est.)
GDP - per capita (PPP):
$9,900 (2005 est.)
GDP - composition by sector: agriculture: 9.3% industry: 31.1% services: 59.6% (2005 est.)
Labor force: 1.52 million (2005 est.)
Labor force - by occupation: agriculture: 14% industry: 16% services: 70%