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Memo Provided By: Globaledge.Msu.Edu and EXPORT.GOV Uruguay Introduction Key Economic Facts Risk Assessment (Provided by Coface) Uruguay is a country located in South America bordering the Income Level (by per capita High Income Country rating: A4 - A somewhat shaky political and Southern Atlantic Ocean. Neighboring countries include GNI): economic outlook and a relatively volatile business Argentina and Brazil. The geography of Uruguay includes Level of Development: Developing environment can affect corporate payment behavior. mostly rolling grassland and a dense GDP, PPP (current international $77.94 billion (2019) network of rivers. The government system $): Corporate default probability is still acceptable on average. is a constitutional republic; the chief of GDP growth (annual %): 0.22% (2019) Business Climate rating: A3 - The business environment state and head of government is the GDP per capita, PPP (current $22,515.19 (2019) is relatively good. Although not always available, corporate president. Uruguay has a mixed economic international $): financial information is usually reliable. Debt collection and system in which there is a variety of private freedom, External debt stocks, total $14,349,584,000.00 (2011) the institutional framework may have some shortcomings. combined with centralized economic planning and (DOD, current US$): government regulation. Uruguay is a member of the Manufacturing, value added (% 11.74% (2019) Intercompany transactions may run into occasional Common Market of the South of GDP): difficulties in the otherwise secure environments rated A3. (Mercosur). Current account balance (BoP, $0.35 billion (2019) Strengths current US$): • Abundant agricultural and forestry resources Inflation, consumer prices 7.88% (2019) (annual %): • Social homogeneity (universal health coverage, free Labor force, total: 1,774,616 (2020) education) and political stability Unemployment, total (% of 8.78% (2020) • Active reform policy (business environment, public total labor force) (modeled ILO estimate): finances, social security coverage) Location: South America Imports of goods and services $10.82 billion (2019) • Favorable business environment Capital City: Montevideo (-3 GMT) (current US$): • Substantial foreign direct investment Chief of State: President Luis Alberto Lacalle Pou Exports of goods and services $12.18 billion (2019) • Member of Mercosur, preferential trade relations with (current US$): Head of Govt.: President Luis Alberto Lacalle Pou the EU and the United States Currency: Uruguayan Peso (UYU) GDP Composition % Agriculture Services Industry Manufacturing Weaknesses Major Languages: <p>Spanish (official)</p> • Economy vulnerable to commodity prices (soybeans, Primary Religions: <p>Roman Catholic 47.1%, non- Catholic Christians 11.1%, 61 beef, dairy products, wood, rice) 24 nondenominational 23.2%, Jewish 6 12 • Dependent on Argentinian, Brazilian and Chinese 0.3%, atheist or agnostic 17.2%, other 1.1%</p> *Although Manufacturing is included in the Industry figures, it is also separately economic conditions Calling Code: 598 reported because it plays a critical role in economy. • Inadequate transport infrastructure Rankings Voltage: 220 • Reduced competitiveness due to high inflation and Index Rank market rigidity Key Websites Corruption Perceptions Index 21 / 180 • Public debt (mitigated by a longer maturity and less Global Competitiveness Index 54 / 141 Main Government Page: presidencia.gub.uy and less in dollars) Global Enabling Trade Index 66 / 136 Export Promotion Agency: uruguayxxi.gub.uy Global Services Location Index 46 / 55 Investment Promotion uruguayxxi.gub.uy U.S. Embassy Agency: Index of Economic Freedom 39 / 179 U.S. Embassy Montevideo International Logistics Performance Index (LPI) 85 / 160 Lauro Müller 1776 Inward FDI Potential Index 87 / 139 Montevideo, Uruguay KOF Index of Globalization 55 / 185 Phone: (+598 2) 1770-2000 Networked Readiness Index (NRI) 43 / 139 https://uy.usembassy.gov Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV.
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