https://www.confiduss.com/en/jurisdictions/uruguay/economy/ - Economy of Uruguay

Uruguay is considered a developing country. A nation's level of development 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 country, Uruguay may not be able to provide consistent social services to its citizens. These social services can include things like public education, reliable health care, and law enforcement. Citizens of developing countries may have a lower life expectancy than citizens of developed countries. Every year Uruguay exports about US$10.5 billion and imports about US$12.5 billion. 8.1% of the country's population is unemployed. The total number of unemployed in Uruguay is 281,034. In Uruguay, 18.6% of the population lives below the poverty line. The proportion of citizens living below the poverty line in Uruguay is relatively high, but does not give rise to total concern in terms of investment. Potential lenders should look at other economic indicators, including GDP, urbanization rate and currency strength, before making investment decisions. Government spending on education is 4.5% of GDP. The country's Gini index is 45.3. There is a lack of equality in Uruguay. The gap between the richest and poorest citizens in this country is palpable. Uruguay has a Human Development Index (HDI) of 0.79. Uruguay has a high HDI value. This suggests that the majority of citizens will be able to lead desirable lives while providing significant assistance and support to citizens with lower living standards. The Global Peace Index (GPI) for Uruguay is 1.721. Due to the strong presence of the law enforcement authorities and the high level of social responsibility, Uruguay is very safe in international comparison. The Strength of the Legal Rights Index for Uruguay is 4. Overall, it is considered rather insufficient – bankruptcy and collateral laws are able to protect the rights of borrowers and lenders to a certain extent; Credit information may be sufficient but scarcely available or, conversely, available but not sufficient.

Currency
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.

Credit rating
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.

Central bank
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%.

Public debt
Uruguay has a government debt of 57.2% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information
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%.

Finances
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.