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URUGUAY PROFILE |
Uruguay has traditionally been better off than many other countries in South America, and is known for its advanced education and social security systems and liberal laws governing social issues such as divorce.
People
Population: 3.3 million.
Annual growth rate: 0.3%.
Ethnic groups: European descent 93.2%, African descent 5.9%, indigenous descent 0.4%, Asian descent 0.4%.
Religions: Roman Catholic 66%, Protestant and other Christian 2%, Jewish 1%, non-professing or other 31%.
Language: Spanish.
Cities: Capital--Montevideo (est. pop. 1.34 million).
Uruguayans share a Spanish linguistic and cultural background, even though about one-quarter of the population is of Italian origin. Most are nominally Roman Catholic although the majority of Uruguayans do not actively practice a religion. Church and state are officially separated.
Uruguay is distinguished by its high literacy rate, large urban middle class, and relatively even income distribution. The average Uruguayan standard of living compares favorably with that of most other Latin Americans. Metropolitan Montevideo, with about 1.3 million inhabitants, is the only large city. The rest of the urban population lives in about 20 towns. During the past two decades, an estimated 500,000 Uruguayans have emigrated, principally to Argentina and Spain. Emigration to the United States also rose significantly. As a result of the low birth rate, high life expectancy, and relatively high rate of emigration of younger people, Uruguay's population is quite mature.
Economy:
GDP: USD 32.3 billion.
Annual growth rate: +8.9% (2008); +7.6% (2007); +4.6% (2006); +7.5% (2005); +5.0% (2004).
Per capita GDP: USD 9,660
Uruguay's economy remains dependent on agriculture and services. Agriculture and agri-industry account for 23% of GDP, and for over two-thirds of total exports. Leading economic sectors include meat processing, agribusiness, wood, wool, leather production and apparel, textiles, and chemicals. Though still small, the information software industry is growing rapidly.
In 2002, Uruguay went through the steepest economic and financial crisis in recent history, which developed mostly from external factors. Devaluation in Brazil in 1999 made Uruguayan goods less competitive, and an outbreak of foot and mouth disease in 2001 curtailed beef exports to North America. Starting in late 2001, an economic crisis in Argentina undermined Uruguay's economy, with exports to Argentina and tourist revenues falling dramatically. In mid-2002 Argentine withdrawals from Uruguayan banks started a bank run that was overcome only by massive borrowing from international financial institutions. This, in turn, led to serious debt sustainability problems. A successful debt swap helped restore confidence and significantly reduced country risk. |
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