nine equal horizontal stripes of white (top and bottom) alternating with blue; 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; the stripes represent the nine original departments of Uruguay; the sun symbol evokes the legend of the sun breaking through the clouds on 25 May 1810 as independence was first declared from Spain (Uruguay subsequently won its independence from Brazil)
note: the banner was inspired by the national colors of Argentina and by the design of the US flag
National anthem:
name: "Himno Nacional" (National Anthem of Uruguay)
lyrics/music: Francisco Esteban ACUNA de Figueroa/Francisco Jose DEBALI
note: adopted 1848; the anthem is also known as "Orientales, la Patria o la tumba!" ("Uruguayans, the Fatherland or Death!"); it is the world's longest national anthem in terms of music (105 bars; almost five minutes); generally only the first verse and chorus are sung
Economy ::Uruguay
Economy - overview:
Uruguay's 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. In 2001-02, Argentine citizens made massive withdrawals of dollars deposited in Uruguayan banks after bank deposits in Argentina were frozen, which led to a plunge in the Uruguayan peso, a banking crisis, and a sharp economic contraction. Real GDP fell in four years by nearly 20%, with 2002 the worst year. The unemployment rate rose, inflation surged, and the burden of external debt doubled. Financial assistance from the IMF helped stem the damage. Uruguay restructured its external debt in 2003 without asking creditors to accept a reduction on the principal. Economic growth for Uruguay resumed, and averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.9% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment, and GDP growth exceeded 7% in 2010.
GDP (purchasing power parity):