Uruguay

Economic indicators

After going through its worst economic and financial crisis in recent history in early 2000 due to devaluation of the Brazilian real, outbreak of foot and mouth disease, and the Argentinean crises. The economy in Uruguay has started reviving after 2004 but cope nowadays with a declining growth rate : 7.0% in 2007, 5.2% in 2007 and a forecast of 3.8% for 2008. Nevertheless, Uruguay enjoys a positive investment climate, with a strong legal system and open financial markets. It grants equal treatment to national and foreign investors. Though exports are rising and tourism is growing, the economy still remains fragile: public debt is increasing, unemployment affects nearly 20% of the active population and 30% of the population lives below the poverty line.

Main sectors of industry

Uruguay has rich agricultural land, almost 90% of which is devoted to livestock raising. Cattle, sheep, horses, and pigs are the major livestock animals. Rice is the major food crop, followed by wheat, corn and sugarcane. Agriculture contributes nearly 12% to the GDP and is the largest exporting sector. The manufacturing sector accounts for nearly 30% of the GDP. The processing of agricultural and animal products accounts for about half of the manufacturing activity. Fray Bentos and Paysandú are well known companies for their meat-freezing and canning plants. Other manufacturing activities include beverages (especially wines), textiles, construction material, chemicals, and petroleum and coal. Services add up to 60% of the GDP, thanks mainly to financial services. The tourism sector is also doing well.

Source: World Bank - World Development Indicators - last available data.

Sources of economic information

Ministries

http://www.mef.gub.uy/portada.php">Ministry of Economy and Finances (in Spanish)

Statistical Office

http://www.ine.gub.uy/">National Institute of Statistics (in Spanish)

Central Bank

http://www.bcu.gub.uy/indexe.html">Central Bank of Uruguay

Stock Exchange

http://www.bevsa.com.uy/ppal.html">Uruguay Stock Exchange (in Spanish)

Online newspapers

http://www.brecha.com.uy/index.asp">Brecha (in Spanish)
http://www.elobservador.com.uy/elobservador/principal.asp">El Observador (in Spanish)
http://www.elpais.com.uy">El Pais (in Spanish)

Search Engines

Uruguay Total
LoGratis
Uruwow

Economic portals

http://www.uruguaytotal.com/01_compras/00_compras.htm">

Uruguay Portal (in Spanish)

Political outline

Main political parties

Uruguay has a multi-party system, with three dominant political parties. It has been extreme difficulty for any other political party to achieve electoral success. However, Uruguay’s first coalition government has come to power in 2005. The three dominant parties are:
- Colorado Party - a liberal and social-democratic party, the most elected party in Uruguayan history;
- National Party - a liberal conservative party also called ‘White Party’;
- Independent Party - a social democratic and Christian socialist party, advocates ‘Third Way’ - an alternative to the traditional left- and right-wing politics.

Current political leaders

President: Tabare VAZQUEZ Rosas (since March 2005) – EPFA (Broad Front-Progressive Encounter-New Majority) which is a coalition comprising of about a dozen small left-wing political parties.

Next election dates

Presidential: October 2009
Chamber of Representatives: October 2009

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