Strong governance and institutions, in pursuit of fiscal consolidation
BB2
MEDIUM RISK for enterprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
Updated in January 2023.
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GDP | USD59.32bn (World ranking 85, World Bank 2021) |
Population | 3.49mn (World ranking 131, World Bank 2021) |
Form of state | Constitutional Republic |
Head of government | Luis Lacalle Pou (President) |
Next elections | 2024, general |

- Robust democratic political system with a good degree of social consensus
- Relatively high levels of foreign reserves
- Stable FDI inflows

- Persistent high inflation and public debt-GDP ratio
- Banking system highly dollarized with large non-resident deposits
- Vulnerable to external shocks particularly through trade and financial links with neighbors Brazil and Argentina and main merchandise export partner China
Trade structure by destination/origin
(% of total, 2021)
Exports | Rank | Imports |
---|---|---|
China
31.1%
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1 |
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Brazil
20.9%
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2 |
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United States
6.5%
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3 |
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Argentina
5.6%
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4 |
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Netherlands
2.8%
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5 |
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Trade structure by product
(% of total, 2021)
Exports | Rank | Imports |
---|---|---|
Meat and meat preparations
33.2%
|
1 |
11.4%
Petroleum, petroleum products and related materials
|
Dairy products and birds' eggs
9.4%
|
2 |
8.1%
Road vehicles
|
Oil seeds and oleaginous fruits
8.9%
|
3 |
5.0%
Articles of apparel & clothing accessories
|
Cereals and cereal preparations
8.5%
|
4 |
4.3%
Telecommunication and sound recording apparatus
|
Cork and wood
4.7%
|
5 |
3.8%
Electrical machinery, apparatus and appliances, n.e.s.
|
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