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Economy of Uruguay
From Wikipedia, the free encyclopedia
The economy of Uruguay features an export-oriented agricultural sector and a well-educated workforce, along with high levels of social spending. Tourism and banking are also prominent sectors; Uruguay acts as a regional hub for international finance and tourism. The country also has a history and representation of advanced workers-rights protection, with unions and the eight-hour work-day protected at the beginning of the 20th century.
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Currency | Uruguayan peso (UYU, $U) |
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Trade organizations | WTO, ALADI, Mercosur, Andean Community (associate) |
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Main industries | food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages |
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Export goods | beef, soybeans, cellulose, rice, wheat, wood, dairy products, wool |
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Import goods | refined oil, crude oil, passenger and other transportation vehicles, vehicle parts, cellular phones |
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−3.5% (of GDP) (2017 est.)[6] | |
Revenues | 17.66 billion (2017 est.)[6] |
Expenses | 19.72 billion (2017 est.)[6] |
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All values, unless otherwise stated, are in US dollars. |
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90% of the country's population is urbanized, while most of the industry and over half of the population is concentrated in the capital Montevideo.[15]
After averaging growth of 5% annually during 1996–98, Uruguay's economy suffered a major downturn in 1999–2002, 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, causing the 2002 Uruguay banking crisis.