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Uruguay's economy in numbers:
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.
Economic structure:
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%.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.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.
50 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 21 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 21 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.