Compare the industries in Uruguay. How are the top three economic influences related? What influence do they have in common? Explain your comparison in at least 2-3 sentences.
Answers
Answer:
The economy of Uruguay is characterized by an export-oriented agricultural sector and a well-educated workforce, along with high levels of social spending. 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.
Economy ofUruguay
World Trade Center Montevideo
CurrencyUruguayan peso (UYU, $U)
Fiscal year
Calendar year
Trade organizations
WTO, ALADI, Mercosur, Unasur, Andean Community (associate)
Country group
Developing/Emerging[1]
High-income economy[2]
StatisticsPopulation 3,449,299 (2018)[3]GDP
 $59.918 billion (nominal, 2019 est.)[4]2000-2020 improvements in uruguay
 $82.969 billion (PPP, 2019 est.)[4]
GDP rank
80th (nominal, 2019)
92nd (PPP, 2019)
GDP growth
1.6% (2018) 0.2% (2019e)
−3.7% (2020f) 4.6% (2021f)[5]
GDP per capita
 $17,029 (nominal, 2019 est.)[4]
 $23,581 (PPP, 2019 est.)[4]
GDP per capita rank
49th (nominal, 2019)
60th (PPP, 2019)
GDP by sector
agriculture: 6.2%
industry: 24.1%
services: 69.7%
(2017 est.)[6]
Inflation (CPI)
7.2% (2020 est.)[4]
Population below poverty line
 8.1% (2018)[7]
Gini coefficient
 39.7 medium (2018, World Bank)[8]
Human Development Index
 0.817 very high (2019)[9] (55th)
 0.712 high IHDI (2019)[10]
Labor force
 1,774,616 (2020)[11]
 54.1% employment rate (September 2020)[12]
Labor force by occupation
agriculture: 13%
industry: 14%
services: 73%
(2010 est.)[6]
Unemployment 11.0% (September 2020)[12]
Main industries
food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages
Ease-of-doing-business rank
 101st (medium, 2020)[13]ExternalExports $11.41 billion (2017 est.)[6]
Export goods
beef, soybeans, cellulose, rice, wheat, wood, dairy products, wool
Main export partners
 China 19%
 Brazil 16.1%
 United States 5.7%
 Argentina 5.4%
(2017)[6]
Imports $8.607 billion (2017 est.)[6]
Import goods
refined oil, crude oil, passenger and other transportation vehicles, vehicle parts, cellular phones
Main import partners
 China 20%
 Brazil 19.5%
 Argentina 12.6%
 United States 10.9%
(2017)[6]
FDI stock
 $44.84 billion (31 December 2017 est.)