Skyline at night in Uruguay

Uruguay Economy

Uruguay's Macroeconomic Analysis:

Nominal GDP of USD 71.1 billion in 2022.

Nominal GDP of USD 77.2 billion in 2023.

GDP per capita of USD 20,004 compared to the global average of USD 10,589.

GDP per capita of USD 21,636 compared to the global average of USD 10,589.

Average real GDP growth of 1.5% over the last decade.

Average real GDP growth of 1.8% over the last decade.

Share of the region's population
Share of the region's GDP

Sector Analysis

In 2021, services accounted for 74% of overall GDP, manufacturing 11%, other industrial activity 8%, and agriculture 7%. Looking at GDP by expenditure, private consumption accounted for 67% of GDP in 2021, government consumption 14%, fixed investment 18%, and net exports 1%.

GDP by economic sector
GDP by type of expenditure

International trade

In 2020, manufactured products made up 17% of total merchandise exports, mineral fuels 1%, food 67%, ores and metals 0% and agricultural raw materials 14%, with other categories accounting for 1% of the total. In the same period, manufactured products made up 70% of total merchandise imports, mineral fuels 11%, food 16%, ores and metals 1% and agricultural raw materials 1%, with other goods accounting for 1% of the total. Total exports were worth USD 17 billion in 2022, while total imports were USD 14 billion.

Key exports
Key imports
Key export partners
Key import partners

Main Economic Indicators

Economic growth

The economy recorded average annual growth of 1.8% in the decade to 2022. To read more about GDP growth in Uruguay, go to our dedicated page.

Fiscal policy

Uruguay's fiscal deficit averaged 3.2% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment

The unemployment rate averaged 8.0% in the decade to 2022. For more information on Uruguay's unemployment click here.

Inflation

Inflation averaged 8.4% in the decade to 2022. Go to our Uruguay inflation page for extra insight.

Monetary Policy

Uruguay's monetary policy rate ended 2022 at 11.25%, up from 9.00% a decade earlier. See our Uruguay monetary policy page for additional details.

Exchange Rate

From end-2012 to end-2022 the peso weakened by 51.6% vs the U.S. dollar. For more info on the peso, click here.

Economic situation in Uruguay

Building on Q2’s faster expansion, the economy likely grew at a robust clip in Q3, according to our panelists. Merchandise exports surged over 40% in July–August, helped by improved weather conditions—which boosted agricultural production—and a low base of comparison. That said, manufacturing output growth lagged behind Q2’s level over the same two-month period, while higher inflation in Q3 compared to Q2 likely weighed on private consumption. In politics, the presidential runoff election will take place on 24 November, pitting Álvaro Delgado from the ruling Partido Nacional against Yamandú Orsi from the left-wing Frente Amplio (FA); Delgado is narrowly favored to win, boding well for political continuity. That said, the 27 October vote saw the FA secure a majority in the Senate, which would make law-making more difficult under a Delgado administration.

Uruguay Economic Forecasts

Projections out to 2034.

50 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 23 expert analysts.

Want to get insight on the economic outlook for Uruguay in the coming years? FocusEconomics collects projections out to 2034 on 50 economic indicators for Uruguay from a panel of 23 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Uruguay economy. To download a sample report on the Uruguay's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Uruguay Economic Data

2019 2020 2021 2022 2023
Population (million) 3.5 3.5 3.5 3.6 3.6
GDP (USD bn) 62.2 53.6 60.7 70.1 77.2
GDP per capita (USD) 17,670 15,190 17,130 19,720 21,636
GDP (UYU bn) 2,194 2,255 2,646 2,889 2,999
Economic Growth (Nominal GDP, ann. var. %) 9.3 2.8 17.4 9.2 3.8
Economic Growth (GDP, ann. var. %) 0.9 -7.4 5.6 4.7 0.4
Domestic Demand (ann. var. %) 0.0 -6.1 6.2 5.2 1.8
Private Consumption (ann. var. %) 0.9 -8.4 3.2 5.7 3.6
Government Consumption (ann. var. %) 2.4 -5.7 5.2 2.5 -0.2
Fixed Investment (ann. var. %) -3.0 -1.7 19.3 11.8 -7.0
Exports (G&S, ann. var. %) 4.6 -15.4 13.5 9.8 0.7
Imports (G&S, ann. var. %) 1.4 -12.1 17.9 12.4 6.0
Unemployment (% of active population, eop) 8.5 10.6 7.0 7.9 7.8
Unemployment (% of active population, aop) 8.9 10.4 9.3 7.9 8.3
Fiscal Balance (% of GDP) -3.2 -5.2 -3.6 -3.2 -3.7
Public Debt (% of GDP) 59.9 74.4 69.9 68.2 69.1
Inflation (CPI, ann. var. %, eop) 8.8 9.4 8.0 8.3 5.1
Inflation (CPI, ann. var. %, aop) 7.9 9.8 7.7 9.1 5.9
Inflation (PPI, ann. var. %, aop) 12.8 10.5 14.4 12.4 -7.5
Monetary Policy Rate (%, eop) 9.25 4.50 5.75 11.25 9.25
Average Deposit Rate (%, aop) 5.07 4.79 3.80 6.24 8.10
Exchange Rate (UYU per USD, eop) 37.73 42.19 44.71 39.65 39.04
Exchange Rate (UYU per USD, aop) 35.28 42.04 43.60 41.20 38.85
Current Account Balance (USD bn) 0.8 -0.4 -1.5 -2.6 -2.6
Current Account Balance (% of GDP) 1.3 -0.7 -2.5 -3.7 -3.3
Merchandise Trade Balance (USD bn) 3.1 2.3 4.7 4.1 2.1
Merchandise Exports (USD bn) 11.9 10.2 15.9 17.6 15.2
Merchandise Imports (USD bn) 8.8 7.9 11.2 13.5 13.0
Merchandise Exports (ann. var. %) 0.7 -14.4 56.9 10.5 -13.9
Merchandise Imports (ann. var. %) -6.8 -9.7 41.8 20.7 -3.7
Foreign Direct Investment (USD bn) 2.0 0.8 1.9 3.5 3.4
International Reserves (USD bn) 14.5 16.2 17.0 15.1 16.2
International Reserves (months of imports) 19.9 24.6 18.1 13.4 14.9
External Debt (USD bn) 45.2 47.8 50.9 55.0 50.2
External Debt (% of GDP) 72.8 89.2 83.8 78.5 65.0

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