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Economy of Uruguay and business opportunities

Economy of Uruguay

The economy of Uruguay is characterized by an export-oriented agricultural sector and a well-educated work force, along with high levels of social spending. After averaging growth of 5% annually during 1996-98, in 1999-2002 the economy suffered a major downturn, stemming largely from the spillover effects of the economic problems of its large neighbors, Argentina and Brazil. In 2001-02, Argentine citizens made massive withdrawals of dollars deposited in Uruguayan banks after bank deposits in Argentina were frozen, which led to a plunge in the Uruguayan peso, a banking crisis, and a sharp economic contraction. Real GDP fell in four years by nearly 20%, with 2002 the worst year. The unemployment rate rose, inflation surged, and the burden of external debt doubled. Financial assistance from the IMF helped stem the damage. Uruguay restructured its external debt in 2003 without asking creditors to accept a reduction on the principal. Economic growth for Uruguay resumed, and averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.9% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment, and GDP growth exceeded 7% in 2010.

Sectors

Agriculture, Textiles and Leather

Throughout Uruguay's history, their strongest exporting industries have been beef and wool. In the case of beef exports, they have been boosted since Uruguay joined the Mercosur agreement in 1991 and the country has been able to reach more distant markets, such as Japan.

Mining

Although this is a sector that does not make substantial contributions to the country's economy, in recent years there have been some activity in gold and cement production, and also in the extraction of granite.

Plastics

Due to two major investments made in 1991 and 1997, the most significant manufactured exports in Uruguay are plastics. This investments laid the way for most of the substantial exports of plastic-based products which has taken an important role in Uruguay's economy.

Telecommunications

In spite of having poor levels of investment in the fixed-line sector, the small size of Uruguay's population has enabled them to attain one of the highest teledensity levels in South America and reach a 100% digitalization of main lines. Although the telecommunications sector has been under a state monopoly for some years, provisions have been made to introduce liberalization and to allow for entry of more firms into the cellular sector.

Travel & Tourism

In 2013, travel and tourism accounted for 9.4% of the country's GDP. Their tourist industry is mainly characterized for attracting visitors from neighbouring countries. Currently Uruguay's major attraction is the interior, particularly located in the region around Punta del Este.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Uruguay"

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This section contains economy and business opportunities and from Uruguay.
Uruguay Economy Uruguayan Economy, business opportunities in Uruguay.
Summary:
Hiring A Moving Service To Move Furniture And Belongings Due To Change Of Address Of Magistrates Throughout The Country.
Country:
Uruguay
 
Notice Type:
Tender Notice
Deadline:
08 May 2024
Posting Date:
04 May 2024
 
 
 
Summary:
Pantry - Cleaning Products
Country:
Uruguay
 
Notice Type:
Tender Notice
Deadline:
08 May 2024
Posting Date:
04 May 2024
 
 
 
Summary:
Specialized Change Management Implementation Services
Country:
Uruguay
 
Notice Type:
Tender Notice
Deadline:
13 May 2024
Posting Date:
04 May 2024
 
 
 
Summary:
National Dictionary Of Medicines And Related Medicines (Dnma)
Country:
Uruguay
 
Notice Type:
Tender Notice
Deadline:
20 May 2024
Posting Date:
04 May 2024
 
 
 
Summary:
C.P. 2/24 - Acquisition Of Tools For Rafamet Wheel Lathe
Country:
Uruguay
 
Notice Type:
Tender Notice
Deadline:
24 May 2024
Posting Date:
04 May 2024
 
 
 
Summary:
Coverage Of Emergency And Urgent Medical Care With Land Mobile Units In The Department Of Montevideo And Localities In The Department Of Canelones.
Country:
Uruguay
 
Notice Type:
Tender Notice
Deadline:
11 Jul 2024
Posting Date:
04 May 2024
 
 
 
Summary:
Acq. Electric Oven, Conform To The Attached File (Exclusive)
Country:
Uruguay
 
Notice Type:
Tender Notice
Deadline:
07 May 2024
Posting Date:
04 May 2024
 
 
 
Summary:
Beef Acquisition
Country:
Uruguay
 
Notice Type:
Tender Notice
Deadline:
20 May 2024
Posting Date:
04 May 2024
 
 
 
Summary:
Uninterrupted Power System (Ups)/ Dgs.
Country:
Uruguay
 
Notice Type:
Tender Notice
Deadline:
10 May 2024
Posting Date:
04 May 2024
 
 
 
Summary:
Within The Framework Of Special Procedure No. 2/2021 For The Integration Of A List Of Suppliers Authorized To Provide Spare Parts To Vehicles Of This Section, Members Of The List Are Summoned To Quote The Acquisition Of Spare Parts According To The Attached Detail.
Country:
Uruguay
 
Notice Type:
Tender Notice
Deadline:
09 May 2024
Posting Date:
04 May 2024
 
 
 

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