PhotosUruguay economy steady despite global crisis
Uruguay's presidential run-off is scheduled for Sunday, with former guerrilla fighter and senator Jose Mujica leading former President Luis Lacalle in public opinion polls. The winner succeeds outgoing President Tabare Vazquez, Uruguay's first socialist leader.
Here are some key facts about Uruguay's economy:
Growth
* Uruguay maintained slight economic growth this year, despite the global recession, as its banking system remained solid and prices for some farm exports began to recover.
* GDP is expected to rise 1.2 percent in 2009, the seventh consecutive year of growth.
* Rising commodity prices benefit farm exports but also are a negative for Uruguay, which produces no petroleum. However, rains have boosted reservoir levels, so hydroelectric power output will recover from a drought last year.
Inflation
* Consumer prices rose 9.2 percent last year, well above the official target range of 3 percent to 7 percent.
* For both 2009 and 2010, economists project inflation in the range of 6 percent to 7 percent.
Debt
* Gross public sector debt was $17.24 billion through March 2009 while gross external debt reached $12.22 billion.
* The fiscal deficit was 1.4 percent of gross domestic product last year and is expected to reach 2.6 percent of GDP this year, after interest payments are met.
* As economic growth picks up, the new government may have room to cut spending next year and trim the deficit. Leading candidate Mujica has not mentioned cost-cutting but the Lacalle campaign has pledged cost controls.
* Uruguay met its financing needs for 2009 and 2010 with a $500 million bond sold globally in September.
Trade
* Meat and other farm products are the leading foreign currency earners, followed by tourism.
* Exports rose to $5.95 billion last year, up 32 percent from a year earlier. In the 12 months through July 2009, exports fell 4 percent compared with the same period a year earlier.
* Foreign direct investment soared almost 70 percent in 2008 to $2.04 billion, as Uruguay consolidated its reputation for economic stability.
Source: reuters.com
Uruguay's presidential run-off is scheduled for Sunday, with former guerrilla fighter and senator Jose Mujica leading former President Luis Lacalle in public opinion polls. The winner succeeds outgoing President Tabare Vazquez, Uruguay's first socialist leader.
Here are some key facts about Uruguay's economy:
Growth
* Uruguay maintained slight economic growth this year, despite the global recession, as its banking system remained solid and prices for some farm exports began to recover.
* GDP is expected to rise 1.2 percent in 2009, the seventh consecutive year of growth.
* Rising commodity prices benefit farm exports but also are a negative for Uruguay, which produces no petroleum. However, rains have boosted reservoir levels, so hydroelectric power output will recover from a drought last year.
Inflation
* Consumer prices rose 9.2 percent last year, well above the official target range of 3 percent to 7 percent.
* For both 2009 and 2010, economists project inflation in the range of 6 percent to 7 percent.
Debt
* Gross public sector debt was $17.24 billion through March 2009 while gross external debt reached $12.22 billion.
* The fiscal deficit was 1.4 percent of gross domestic product last year and is expected to reach 2.6 percent of GDP this year, after interest payments are met.
* As economic growth picks up, the new government may have room to cut spending next year and trim the deficit. Leading candidate Mujica has not mentioned cost-cutting but the Lacalle campaign has pledged cost controls.
* Uruguay met its financing needs for 2009 and 2010 with a $500 million bond sold globally in September.
Trade
* Meat and other farm products are the leading foreign currency earners, followed by tourism.
* Exports rose to $5.95 billion last year, up 32 percent from a year earlier. In the 12 months through July 2009, exports fell 4 percent compared with the same period a year earlier.
* Foreign direct investment soared almost 70 percent in 2008 to $2.04 billion, as Uruguay consolidated its reputation for economic stability.
Source: reuters.com
Publication date: 11/26/2009
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Euro foreign exchange reference rates
Source: ECB
