Uruguay: One Of The Most Economically Developed Countries

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Uruguay is one of the most economically developed countries in Latin America, with a high GDP per capita and ranks 47th for quality of life in the world (“Uruguay”). It is also regarded as a high-income country by the United Nations.
Uruguay’s economy has had a great past year and consumption is expected to grow 1% in 2017 (Haring 2017). Looking at the current state of the economy in Uruguay, 7.3% are unemployed in a population of 3.4 million, a change of -6.65 % from the previous year. It also recorded the record lowest unemployment levels in 2014 at 6.6% (worldbank.org). Even so, it has the largest middle class in Latin America, and all of America, representing 60% of its population with lower wages than fully developed countries (worldbank.org). …show more content…

In 2013, the GDP reached an all-time high of 57.53 USD Billion (TE). Services account for providing the highest GDP for the country at 62% (nationsencyclopedia). Trade is a moderately important factor in the economy. Combined, imports and exports make up 45 percent of the country’s GDP. The major imports of Uruguay include Crude Petroleum, Electric Generating Sets, Cars, Broadcasting Equipment and Delivery Trucks. Major exports include frozen bovine meat, soybeans, concentrated milk, bovine meat, and wood. In regards to taxes, the average applied tariff rate on imports and exports is 4.7 percent (). The top individual income tax rate is 30 percent, and the top corporate tax rate is 25 percent. Government spending has amounted to 31.9 percent of total output (GDP) over the past three years, and budget deficits have averaged 3.1 percent of GDP. Public debt is equivalent to 61.8 percent of GDP. Major import partners of Uruguay include Brazil, China, Argentina, the US, and Germany. Some major export trade partners are Brazil (20 percent of total GDP), China (7 percent), the United States, Argentina (8 percent), and the Netherlands (atlas). Brazil and Uruguay are neighboring countries and have a bilateral relationship. Brazil is an integral part of Uruguay’s economy and is affected greatly by the ups and downs of their economy. In regards to economic freedom, this country is a moderately

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