10 Surprising Facts About The GDP of Uruguay: A Comprehensive Guide
Introduction
Uruguay, a small country located in South America, may not be a well-known global economic powerhouse, but it has some fascinating facts about its GDP that might surprise you.
In this comprehensive guide, we will explore 10 surprising facts about the GDP of Uruguay that highlight its unique economic strengths and progressive social policies.
Fact 1: Uruguay’s Stable Economic Growth
Uruguay has experienced remarkable economic stability over the years, with consistent positive growth in its GDP.
Despite being a small country with a population of about 3.5 million, Uruguay has managed to maintain steady economic growth, thanks to its diversified economy that includes agriculture, manufacturing, and services sectors.
In recent years, Uruguay has also implemented prudent macroeconomic policies that have contributed to its stable economic growth.
Fact 2: Uruguay’s High Literacy Rate
Education plays a crucial role in Uruguay’s economic success, as it has one of the highest literacy rates in South America.
According to UNESCO, the literacy rate in Uruguay is estimated to be over 98%, reflecting the country’s strong commitment to education and human capital development.
This high literacy rate has resulted in a highly skilled workforce, which has attracted foreign investment and contributed to Uruguay’s economic growth.
Fact 3: Uruguay’s Agricultural Prowess
Agriculture is one of the main pillars of Uruguay’s economy, and the country has a long-standing tradition of agricultural production.
Uruguay is a major exporter of agricultural products such as beef, wool, and soybeans, and its agriculture sector has been a key driver of economic growth.
Additionally, Uruguay has embraced sustainable farming practices, including organic farming and responsible land management, which has helped to maintain its agricultural prowess while also protecting the environment.
Fact 4: Uruguay’s Renewable Energy Focus
Uruguay has made significant strides in renewable energy production, with the goal of becoming a carbon-neutral country.
Over the past decade, Uruguay has invested heavily in renewable energy sources such as wind and solar power, and today, more than 95% of its electricity is generated from renewable sources.
This commitment to sustainable energy has not only helped to reduce carbon emissions but has also created new opportunities for investment and job creation in the renewable energy sector.
Fact 5: Uruguay’s Progressive Social Policies
Uruguay is known for its progressive social policies that prioritize human rights, equality, and social welfare.
The country has implemented progressive policies such as same-sex marriage, marijuana legalization, and free and universal healthcare and education.
These social policies have not only improved the well-being of its citizens but have also contributed to Uruguay’s social cohesion and stability, which are essential for economic growth.
Fact 6: Uruguay’s Thriving Tourism Industry
Uruguay has a growing tourism industry that has been a significant contributor to its GDP.
The country offers a diverse range of attractions, including beautiful beaches, historic towns, cultural festivals, and a rich culinary scene.
Uruguay has also invested in infrastructure development to support tourism, such as modern airports, hotels, and transportation networks.
As a result, tourism has become an important source of revenue for Uruguay, creating jobs and stimulating economic growth.
Fact 7: Uruguay’s Low Levels of Corruption
Transparency and accountability are key factors that contribute to a healthy business environment, and Uruguay has been recognized for its low levels of corruption.
According to Transparency International’s Corruption Perceptions Index, Uruguay consistently ranks among the least corrupt countries in Latin America.
This has fostered investor confidence, promoted fair competition, and attracted foreign investment to Uruguay’s economy, contributing to its economic growth.
Fact 8: Uruguay’s Strong Financial Sector
Uruguay has a well-developed and stable financial sector that has played a vital role in its economic growth.
The country has a robust banking system, with strict regulations and supervision to ensure stability and transparency.
Uruguay is also considered a regional financial hub, attracting foreign investment and offering a wide range of financial services.
The strength of Uruguay’s financial sector has contributed to its economic resilience and attractiveness to international investors.
Fact 9: Uruguay’s Innovative Technology Sector
Uruguay has been actively promoting innovation and technology as a driver of economic growth.
The country has invested in education and infrastructure to support the development of a vibrant technology ecosystem.
Uruguay has a thriving start-up culture, with numerous technology companies emerging in recent years.
The government has also implemented incentives and policies to support research and development, attracting foreign investment in the technology sector.
This focus on innovation and technology has positioned Uruguay as a regional leader in the tech industry, contributing to its economic diversification and growth.
Fact 10: Uruguay’s Successful Response to COVID-19
Uruguay’s response to the COVID-19 pandemic has been widely recognized as successful.
The government implemented early and effective measures to contain the spread of the virus, including widespread testing, contact tracing, and strict lockdown measures.
As a result, Uruguay has managed to keep the number of COVID-19 cases and deaths relatively low compared to other countries in the region.
This has helped to maintain stability in its healthcare system and protect its economy from the severe impacts of the pandemic.
 GDP of Uruguay
| GDP nominal (2017) | GDP growth rate (2017) |
|---|---|
$56,156,972,158 |
2.66% |
- Nominal (current) Gross Domestic Product (GDP) of Uruguay is $56,156,972,158 (USD) as of 2017.
- Real GDP (constant, inflation adjusted) of Uruguay reached $49,647,783,476 in 2017.
- GDP Growth Rate in 2017 was 2.66%, representing a change of 1,284,850,522 US$ over 2016, when Real GDP was $48,362,932,954.
- GDP per Capita in Uruguay (with a population of 3,436,641 people) was $14,447 in 2017, an increase of $322 from $14,124 in 2016; this represents a change of 2.3% in GDP per capita.
Gross Domestic Product (GDP) of Uruguay
| Year | GDP Nominal (Current USD) |
GDP Real (Inflation adj.) |
GDP change |
GDP per capita | Pop. change |
Population |
|---|---|---|---|---|---|---|
| 2017 | $56,156,972,158 | $49,647,783,476 | 2.66% | $14,447 | 0.37 % | 3,436,641 |
| 2016 | $52,687,612,262 | $48,362,932,954 | 1.69% | $14,124 | 0.36 % | 3,424,129 |
| 2015 | $53,274,304,222 | $47,559,277,163 | 0.37% | $13,939 | 0.34 % | 3,412,009 |
| 2014 | $57,236,013,086 | $47,383,606,579 | 3.24% | $13,935 | 0.32 % | 3,400,436 |
| 2013 | $57,531,233,351 | $45,897,095,482 | 4.64% | $13,541 | 0.31 % | 3,389,443 |
| 2012 | $51,264,390,116 | $43,862,934,925 | 3.54% | $12,981 | 0.30 % | 3,378,975 |
| 2011 | $47,962,439,304 | $42,364,020,184 | 5.16% | $12,575 | 0.29 % | 3,368,934 |
| 2010 | $40,284,481,652 | $40,284,481,652 | 7.80% | $11,992 | 0.29 % | 3,359,275 |
| 2009 | $31,660,911,277 | $37,368,467,079 | 4.24% | $11,156 | 0.28 % | 3,349,676 |
| 2008 | $30,366,213,119 | $35,847,289,439 | 7.18% | $10,732 | 0.25 % | 3,340,221 |
| 2007 | $23,410,572,634 | $33,447,078,687 | 6.54% | $10,039 | 0.19 % | 3,331,749 |
| 2006 | $19,579,457,966 | $31,393,471,353 | 4.10% | $9,441 | 0.11 % | 3,325,401 |
| 2005 | $17,362,857,684 | $30,157,445,133 | 7.46% | $9,079 | 0.01 % | 3,321,803 |
| 2004 | $13,686,329,890 | $28,063,845,207 | 5.00% | $8,449 | -0.07 % | 3,321,476 |
| 2003 | $12,045,631,093 | $26,726,412,658 | 0.81% | $8,041 | -0.07 % | 3,323,668 |
| 2002 | $13,606,494,599 | $26,512,908,470 | -7.73% | $7,971 | 0.02 % | 3,326,040 |
| 2001 | $20,898,788,417 | $28,734,675,665 | -3.84% | $8,641 | 0.17 % | 3,325,473 |
| 2000 | $22,823,255,802 | $29,883,433,694 | -1.93% | $9,002 | 0.35 % | 3,319,736 |
| 1999 | $23,983,945,191 | $30,471,512,755 | -1.94% | $9,211 | 0.52 % | 3,308,012 |
| 1998 | $25,385,928,198 | $31,074,105,582 | 4.52% | $9,442 | 0.64 % | 3,291,053 |
| 1997 | $23,969,823,010 | $29,730,611,912 | 8.55% | $9,091 | 0.70 % | 3,270,164 |
| 1996 | $20,515,543,039 | $27,389,448,606 | 5.58% | $8,434 | 0.72 % | 3,247,381 |
| 1995 | $19,297,663,097 | $25,942,392,889 | -1.45% | $8,046 | 0.72 % | 3,224,281 |
| 1994 | $17,474,647,792 | $26,323,450,891 | 7.28% | $8,223 | 0.74 % | 3,201,151 |
5 FAQs About The GDP of Uruguay
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What is Uruguay’s GDP per capita? Uruguay’s GDP per capita was approximately $17,000 in 2020, according to the World Bank.
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How does Uruguay’s economy compare to other countries in South America? Uruguay’s economy is considered to be one of the most developed and stable economies in South America, with a relatively high standard of living and a strong emphasis on social welfare.
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What are Uruguay’s main exports? Uruguay’s main exports include beef, wool, soybeans, rice, dairy products, and textiles.
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How has Uruguay’s tourism industry been impacted by the COVID-19 pandemic? Like many other countries, Uruguay’s tourism industry has been significantly impacted by the COVID-19 pandemic, with a decline in international tourist arrivals and revenue due to travel restrictions and lockdown measures.
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What are some challenges facing Uruguay’s economy? Some challenges facing Uruguay’s economy include the need for continued divers
See also
- Demographics OF Oceania
- Demographics of Northern America
- Demographics OF Latin America and the Caribbean
- Demographics of Europe
- Demographics of Asia
- GDP of Barbados
- GDP of Togo
- Demographics of Africa
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Sources:
- Organisation for Economic Co-operation and Development (OECD)
- World Population Prospects: The 2019 Revision – United Nations Population Division
- World Urbanization Prospects – Population Division – United Nations
- GeoNames
- United Nations Statistics Division
- World Bank