Uruguay/Economy

Economy of Uruguay

An overview of key economic indicators. Select a category for detailed trends, charts, and insights.

Explore Economic Domains

Growth & Output

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GDP (USD)
$77.2B(2023)
GDP PPP (USD)
$116.6B(2023)
GDP per Capita (USD)
$22,798(2023)
GDP Growth (inflation-adjusted)
0.4%(2023)
Inflation (CPI Annual %)
4.8%(2024)

Trade & Finance

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Exports (as share of GDP)
27.5%(2023)
Imports (as share of GDP)
24.2%(2023)
FDI Inflows (as share of GDP)
-7.1%(2023)
Remittance Inflow (USD)
$134.6M(2023)
Tax Revenue (as share of GDP)
18.8%(2023)

Labor & Income

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Unemployment Rate
8.4%(2024)
Employment in Services
72.3%(2023)
Poverty Rate
10.1%(2023)
GINI Index
40.9(2023)
GNI per Capita (USD)
$19,700(2023)

Energy & Environment

Coming Soon
Energy Use per Capita
1626 kg oil eq.(2022)
Renewable Energy Consumption (%)
57.8%(2021)

Economic Snapshot Overview

A summary of key economic indicators for Uruguay

  • The economic architecture of Uruguay is substantial, anchored by a Gross Domestic Product (GDP) of approximately $77.24B
    2023
    . This places it as the 80th largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $22.8K
    2023
    , while its GDP in Purchasing Power Parity (PPP) terms is estimated at $116.64B, reflecting the population's domestic purchasing power. The economy is seeing modest growth of 0.4%
    2023
    , while managing moderate inflation, with a CPI of 4.8%
    2024
    .
  • On the global stage, the nation's trade and financial dynamics reveal a complex interplay of factors. The country maintains a strong trade surplus, with exports representing 27.5% of GDP and imports 24.2%
    2023
    . Foreign Direct Investment (FDI) inflows are significant, constituting -7.10% of the economy
    2023
    . This performance positions the country 179th globally out of 186 nations, indicating its relative attractiveness to foreign capital. Additionally, personal remittances received amount to a substantial $134.61M annually
    2023
    , highlighting the economic importance of its diaspora. Fiscal capacity is moderate, with tax revenue at 18.8% of GDP
    2023
    .
  • The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $19,700
    2023
    . Globally, this ranks the nation 53rd out of 190 in terms of GNI per capita, providing a clear measure of its national wealth relative to others. The country faces significant labor market challenges, with an unemployment rate of 8.4%
    2024
    . The services sector is a primary driver of the labor market, accounting for 72.3% of total employment
    2023
    . Poverty remains a key issue, with 10.1% of the population living below the national poverty line
    2023
    . There is a moderate level of income inequality, with a Gini index of 40.9
    2023
    .
  • On the environment and energy front, energy consumption per capita is 1,626.06 kg of oil equivalent
    2022
    . The country is a leader in clean energy, with renewable sources making up 57.8% of total final energy consumption
    2021
    . Its commitment to clean energy places it 150th among 190 countries for its share of renewable energy consumption.

Key Economic Insights

Macroeconomic Health

Stagnant growth combined with high unemployment points to significant structural issues that may require bold policy interventions.

Trade & Investment Profile

The degree of openness to trade and foreign investment is a major determinant of economic structure and resilience.

Social Equity & Distribution

Distributing the benefits of economic growth equitably is crucial for social cohesion and long-term stability.

Energy & Sustainability

A strong commitment to renewable energy positions the country as a leader in the green transition, potentially creating new economic advantages.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.