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Economy:

GDP:

23.136 Million Dollars (2007)
GDP Per Capita: 6.960 Dollars (2007)
GDP composition by sector: agriculture and fisheries - 12,6%
manufacturing industry and mining - 20%
electricity, gas and water - 4%
construction industry – 2,6%
transportation, communications – 13,8%
trade, hotels and restaurants – 12,8%
financial services, insurance,
housing and business services - 20,1%
other services - 14,1%
Inflation rate: 8,5% (2007)
Unemployment rate: 8,2 % (2007)
Exports of goods: 4.496 Million Dollars (2007)
Main Items: Meat, cereals, dairy products, raw hides skins and leather, wood and articles of wood, wool, oil seeds and fruits, plastics and articles thereof, fish & crustaceans, mineral fuel, oil and bituminous substances
Main partners: Brazil (16.4%), USA (10.8%), Argentina (8.4%), Mexico (4.6%), Germany (4.2%), China (3.54%), Spain (3.34%).
Imports of goods: 5.589 Million Dollars (2007)
Main items: Machinery and mechanical appliances, mineral fuel, oil and bituminous substances, vehicles, electrical machinery and equipment , plastics and articles thereof, fertilizers, miscellaneous chemical products, organic chemical products.
Main partners: Brazil (24,7%), Argentina (20,8%), USA (12,8%), China (11.5%), Russia (3.1%), Germany (2,3%).


Political System:

Uruguay is politically organized as a democratic republic under a presidential system. The State is organized in three independent powers: Executive, Legislative and Judiciary. In accordance with the present Constitution, the members of the government are elected every five years under a universal vote system. The Executive Power is in the hands of a President and a cabinet of 12 ministers. The Legislative Power is represented by the General Assembly, or Parliament, composed of the chamber of Senators and the Lower Chamber (House of Representatives). The Judiciary Power consists of the Supreme Court of Justice, courts and judges on a nationwide basis.

Infrastructure:

Uruguay has 17,000 km of highways and roads, benefiting from a terrain that features mostly soft hills and plains. The extensive road network connects all corners of the country, and there are 4 highways linking it to Brazil and 3 international bridges to Argentina In addition to the port of Montevideo on the Río de la Plata, there are 3 others on the Uruguay River, -(Paysandú, Fray Bentos and Nueva Palmira)- and another on the Atlantic Ocean, - (La Paloma) -, where a special port for wood chips will be built. Except for the port at Paysandú, all the others can harbor large-draft ships.

Financial System:

The Uruguayan financial system is regulated by the Central Bank of Uruguay and is formed by the Banco de la República Oriental del Uruguay (BROU), Banco Hipotecario del Uruguay (BHU – the Uruguayan mortgage bank), private banks, banking houses, the Montevideo Stock Exchange and other smaller ones.

The Central Bank of Uruguay, as well as regulating the system and the monetary authority of Uruguay, also oversees the activities of all financial entities, implements exchange policy and is the financial agency of the State.

BROU is the commercial bank where all foreign trade operations must be reported. This bank, in coordination with the Central Bank, steers the exchange and loan markets.

The prevailing financial freedom, the frank increase in the significance of trade in the Uruguayan economy, the growing incentives for and interest from non-resident private investors and international financial institutions, the stability of the financial relations with international banks and multilateral lending agencies, have all contributed to establish an atmosphere that fosters the diversification of the financial services offered by the banks and financial institutions of Uruguay.

Uruguay has an efficient financial system and numerous first rate banks from Europe and United Status form part of it. Consequently, Uruguay has become an important banking center in the region.

• Deposits are in dollars, although deposits in the national currency frequently yield more than deposits in a foreign currency.

• The US dollar is the main foreign currency. However, deposits are accepted in any other currency.

• Credits are mainly granted in foreign currencies. 90% of loans are for residents.

• Strict compliance with banking secrecy is expressly assured by Law.

 

USA: 910-338-0787 Uruguay: 598-99-482-022
contact@globalfarmpartners.com


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