Country Info >> Uruguay

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. Cooperation with the IMF helped stem the damage. Uruguay in 2007 improved its debt profile by paying off $1.1 billion in IMF debt, and continues to follow the orthodox economic plan set by the Fund in 2005. The construction of a pulp mill in Fray Bentos, which represents the largest foreign direct investment in Uruguay's history at $1.2 billion, came online in November 2007 and is expected to add 1.6% to GDP and boost already booming exports. The economy has grown strongly since 2004 as a result of high commodity prices for Uruguayan exports, a competitive peso, growth in the region, and low international interest rates.

Source:  CIA-The World Factbook

Per Capita GDP
$10,700 as of (2007 est.) Source: CIA-The World Factbook

Main-Line Phones
987,000 as of (2006) Source: CIA-The World Factbook

Mobile Phones
2,333,000 as of (2006) Source: CIA-The World Factbook

Internet Users
756,000 as of (2006) Source: CIA-The World Factbook

Cable TV Households
300,000 as of (2007) Source: LMS est.

Time Zone Vs. Eastern Time (New York, Miami)
+2 hours, during Daylight Standard Time