Flag:
nine equal horizontal stripes of white (top and bottom) alternating with
blue; there is a white square in the upper hoist-side corner with a yellow
sun bearing a human face known as the Sun of May and 16 rays alternately
triangular and wavy

*Uruguay, Economy

Overview:
Uruguay is a small economy with favorable climate, good soils, and solid
hydropower potential. Economic development has been held back by excessive
government regulation of economic detail and 50% to 130% inflation. After
several years of sluggish growth, real GDP jumped by about 8% in 1992. The
rise is attributable mainly to an increase in Argentine demand for Uruguayan
exports, particularly agricultural products and electricity. In a major step
toward greater regional economic cooperation, Uruguay in 1991 had joined
Brazil, Argentina, and Paraguay in forming the Southern Cone Common Market
(Mercosur). A referendum in December 1992 overturned key portions of
landmark privatization legislation, dealing a serious blow to President
LACALLE's broad economic reform plan.
National product:
GDP - exchange rate conversion - $9.8 billion (1992 est.)
National product real growth rate:
8% (1992 est.)
National product per capita:
$3,100 (1992 est.)
Inflation rate (consumer prices):
58% (1992 est.)
Unemployment rate:
9% (1992 est.)
Budget:
revenues $2.9 billion; expenditures $3.0 billion, including capital
expenditures of $388 million (1991)
Exports:
$1.7 billion (f.o.b., 1992 est.)
commodities:
hides and leather goods 17%, beef 10%, wool 9%, fish 7%, rice 4%
partners:
Argentina, Brazil, US, Germany
Imports:
$1.7 billion (f.o.b., 1992 est.)
commodities:
crude oil, fuels, and lubricants, metals, machinery, transportation
equipment, industrial chemicals
partners:
Brazil 23%, Argentina 17%, US 10%, EC 27.1% (1990)
External debt:
$4.1 billion (1991)
Industrial production:
growth rate -1.4% (1990), accounts for almost 25% of GDP
Electricity:
2,168,000 kW capacity; 5,960 million kWh produced, 1,900 kWh per capita
(1992)
Industries:
meat processing, wool and hides, sugar, textiles, footwear, leather apparel,
tires, cement, fishing, petroleum refining, wine
Agriculture:
large areas devoted to livestock grazing; wheat, rice, corn, sorghum;
self-sufficient in most basic foodstuffs
Economic aid:
US commitments, including Ex-Im (FY70-88), $105 million; Western (non-US)