Uruguay Snapshot - PESTLE, SWOT, Risk and Macroeconomic Analysis report is designed to provide in-depth information about Uruguay including it’s PESTLE (political, economic, social, technological, legal and environmental), SWOT (Strengths, Weaknesses, Opportunities and Threats) and country risk analysis backed by macroeconomic data.
Uruguay stands out in Latin America for being an egalitarian society and for its high per capita income, low level of inequality and poverty and the almost complete absence of extreme poverty. In relative terms, its middle class is the largest in America, and represents 60% of its population. Uruguay occupies the top spots in the region in terms of various measures of well-being, such as the Human Development Index, the Human Opportunity Index and the Economic Freedom Index.
Uruguay is estimated to have population of 3.567 million in the year 2023 and expected to reach 3.611 million by 2027, increasing at a CAGR of 0.31%.
Uruguay’s real gross domestic product (GDP) was UYU 1660.894 billion in 2020 and while recovering from the COVID-19 impact it increased by 4.22% to be around UYU 1734.012 billion in 2021. It is further expected to increase by a CAGR of 3.06% and reach UYU 2078.321 billion by 2027.
Uruguay’s unemployment rate was 10.35% of total labor force in 2020. Despite slowdown in global economic activity due to COVID-19 pandemic, the unemployment in Uruguay decreased by 10.40% and reached 9.375% in 2021. Unemployment is further estimated to increase by a CAGR of 2.82% and reach 7.896% of total labor force in Uruguay by 2027.
Uruguay’s per capita GDP was USD 20,017.557 whereas purchasing power parity (PPP) based per capita GDP was USD 27,232.786 for the year 2022.
In 2022, Uruguay government’s revenue was UYU 807.529 billion whereas the expenditure was UYU 892.994 billion. This resulted in Uruguay government’s net lending / borrowing negative at UYU 85.465 billion in 2022 indicating that not enough financial resources were made available by the Uruguay government to boost economic growth.
The current account balance for Uruguay was negative USD 0.828 billion for the year 2022 and is expected to further decrease at a CAGR of 13.97% and reach negative USD 1.592 billion by 2027. This negative current account balance indicates that Uruguay will remain a net borrower from rest of the world till 2027.
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