Economy of Uruguay
Uruguay is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Uruguay may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Uruguay exports around $10.5 billion and imports roughly $12.5 billion. 8.1% of population in the country are unemployed. The total number of unemployed people in Uruguay is 281,034. In Uruguay, 18.6% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Uruguay is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 4.5% of GDP. The Gini Index of the country is 45.3. Uruguay is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Uruguay has a Human Development Index (HDI) of 0.79. Uruguay has a high HDI score. This indicates that the majority of citizens will be able to attain a desirable life while providing substantial aid and assistance to citizens with lower living standards. The Global Peace Index (GPI) for Uruguay is 1.721. Due to strong law enforcement presence and high social responsibility, Uruguay is very safe by international standards. The strength of legal rights index for Uruguay is 4. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.
The currency of Uruguay is Uruguayan peso. The plural form of the word Uruguayan peso is pesos. The symbol used for this currency is $, and it is abbreviated as UYU. The Uruguayan peso is divided into Centesimo; there are 100 in one peso.
The depth of credit information index for Uruguay is 8, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Uruguay has a credit rating score of BBB-, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Uruguay has a credit rating score of BBB-, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Uruguay has a credit rating score of Baa2, and the prospects of this rating are stable.
In Uruguay, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Uruguay. Locally, the central bank of Uruguay is called Banco Central del Uruguay. The average deposit interest rate offered by local banks in Uruguay is 4.9%.
Uruguay has a government debt of 57.2% of the country's Gross Domestic Product (GDP), as assessed in 2012.
The corporate tax in Uruguay is set at 25%. Personal income tax ranges from 0% to 30%, depending on your specific situation and income level. VAT in Uruguay is 22%.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Uruguay is $71675 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Uruguay was last recorded at $21 million. PPP in Uruguay is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Uruguay is 55,708 billion. Based on this statistic, Uruguay is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Uruguay was last recorded at $16 million. The average citizen in Uruguay has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Uruguay averaged 2.8% in 2014. According to this percentage, Uruguay is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Uruguay.
Major industries in the country are food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages. The total labor force of Uruguay is 1,769,210 people, wherein 8.1% of population in the country are unemployed. The total number of unemployed people in Uruguay is 281,034. The Industrial Production growth rate of Uruguay is 6.6%.To read more about industrial information within Uruguay click on industry of Uruguay.
There are 13490 km2 of arable land in Uruguay, and it comprises 8% of the country's total territory. There are 13907 km2 of cultivated land in Uruguay. The country's major agricultural crops and products are beef, soybeans, cellulose, rice, wheat, lumber, dairy products, fish.To read more about agriculture click on agriculture of Uruguay.