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Economy of Uruguay

(Redirected from Economic history of Uruguay)

The economy of Uruguay features an export-oriented agricultural sector and a well-educated workforce, along with high levels of social spending. Tourism and banking are also prominent sectors; Uruguay acts as a regional hub for international finance and tourism. The country also has a history and representation of advanced workers-rights protection, with unions and the eight-hour work-day protected at the beginning of the 20th century.

Economy of Uruguay
World Trade Center Montevideo
CurrencyUruguayan peso (UYU, $U)
Calendar year
Trade organizations
WTO, ALADI, Mercosur, Andean Community (associate)
Country group
Statistics
PopulationNeutral decrease 3,444,263 (2023)[3]
GDP
  • Increase $87 billion (nominal, 2024)[4]
  • Increase $108 billion (PPP, 2024)[4]
GDP rank
GDP growth
  • Increase 4.9% (2022)[5]
  • Increase 2.0% (2023f)[5]
  • Increase 2.9% (2024f)[5]
GDP per capita
  • Increase $23,088 (nominal, 2024)[4]
  • Increase $30,170 (PPP, 2024)[4]
GDP per capita rank
GDP by sector
Positive decrease 3.96% (April 2024)[7]
Population below poverty line
Positive decrease 9.1% (2022)[8]
Negative increase 40.6 medium (2022, World Bank)[9]
Decrease 73 out of 100 points (2023)[11] (18th)
Labor force
  • Decrease 1,686,487 (2020)[12]
  • Decrease 54.9% employment rate (February 2021)[13]
Labor force by occupation
UnemploymentPositive decrease 7.8% (July 2023)[13]
Main industries
food processing, electrical machinery, transportation equipment, petroleum products, textiles, chemicals, beverages
External
ExportsIncrease $11.41 billion (2017 est.)[6]
Export goods
beef, soybeans, cellulose, rice, wheat, wood, dairy products, wool
Main export partners
ImportsIncrease $8.607 billion (2017 est.)[6]
Import goods
refined oil, crude oil, passenger and other transportation vehicles, vehicle parts, cellular phones
Main import partners
FDI stock
  • Increase $44.84 billion (31 December 2017 est.)[6]
  • Increase Abroad: $19.97 billion (31 December 2017 est.)[6]
Increase $879 million (2017 est.)[6]
Negative increase $28.37 billion (31 December 2017 est.)[6]
Public finances
Positive decrease57.4% of GDP (2022 est.)[6][note 1]
−3.5% (of GDP) (2017 est.)[6]
Revenues17.66 billion (2017 est.)[6]
Expenses19.72 billion (2017 est.)[6]
Increase $15.96 billion (31 December 2017 est.)[6]
All values, unless otherwise stated, are in US dollars.


Historical GDP per capita development

90% of the country's population is urbanized, while most of the industry and over half of the population is concentrated in the capital Montevideo.[16]

After averaging growth of 5% annually during 1996–98, Uruguay's economy suffered a major downturn in 1999–2002, stemming largely from the spillover effects of the economic problems of its large neighbors; Argentina and Brazil. In 2001–02, Argentine citizens made massive withdrawals of dollars deposited in Uruguayan banks after bank deposits in Argentina were frozen, which led to a plunge in the Uruguayan peso, causing the 2002 Uruguay banking crisis.

History

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19th century

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In the 19th century, the country had similar characteristics to other Latin American countries: caudillismo, civil wars and permanent instability (40 revolts between 1830 and 1903), foreign capitalism's control of important sectors of the economy, a high percentage of illiterate people (more than half the population in 1900). Among foreign investments, investors from Great Britain controlled 22% of the land and many majors parts of the industrial infrastructure, including meatpacking and leather industry, infrastructure for water and gas, and transport systems like trolley and 1100 miles of rail.[16]

Reforms after Batlle

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José Batlle y Ordóñez, President from 1903 to 1907 and again from 1911 to 1915, set the pattern for Uruguay's modern political development and dominated the political scene until he died in 1929. Batlle introduced widespread political, social, and economic reforms such as a welfare program, government participation in many facets of the economy, and a new constitution. [17]

Batlle nationalized foreign-owned companies and created a modern social welfare system. Income tax for lower incomes was abolished in 1905, secondary schools established in every city (1906), telephone network nationalized, unemployment benefits were introduced (1914), eight-hour working day introduced (1915), etc.[17][16] By 1929, 84% of manufacturing was concentrated in a handful of industries: meatpacking, leather and wool.[16] Industrial policies further encouraging migration from rural to urban communities, as well as waves of immigrants from southern and eastern Europe.[16] Investment in urban infrastructure in Montevideo and a growing economy, was capped by hosting the first 1930 FIFA World Cup.[16]

Claudio Williman who served between Batlle's two terms was his supporter and continued all his reforms, as did the next President Baltasar Brum (1919–1923). Around 1900 infant mortality rates (IMR) in Uruguay were among the world's lowest, indicating a very healthy population.

Mid-20th century

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The economy of Uruguay started in the early 20th century (1920s-1950s) with government policy focused on import substitution industrialization, where the government encouraged and protected national manufacturers to reduce dependency on imports.[16] Generally, manufacturing prospered during this period with growth of 8.4% a year from 1945 to 1954.[16]

By 1956 the middle class was approximately 40% of the population, with urban services and culture, like mass media and cinema, flourishing.[16] However, the policy of import substitution industrialization began to collapse in the 1950s, leading to economic and social unrest.[16]

Anthropology professor Daniel Renfrew describes both the 50s and 60s and dictatorship period (70s and 80s) as economic downturn periods, followed by further economic degradation caused by neoliberalism.[16] Economist Jamie Mezzera disagrees with this interpretation, arguing that between 1968 and 1972, Uruguay was one of the most regulated capitalist economies in the world. In this period, the government massively increased import tariffs and had near-total wage and price controls. The government instituted these policies to avoid the political pressure that would come if they were to devalue their currency.[18] Between 1955 and 1972, economic output in Uruguay stagnated. After the price and wage controls were largely removed in 1973, growth increased by 4.3% per year until 1979.

The policies of the Colorado Party under Julio María Sanguinetti and Jorge Batlle during the 90s and early 2000s, following global trends of neo-liberalization, facilitated a shift from manufacturing and small-scale agriculture, towards increasing monoculture agriculture and services like finance and tourism.[16] However, these policies faded as the regional economic problems in Argentina and Brazil caused a downturn and unemployment from 1998 to 2003.[16] The economic and social crises that followed allowed for the election of the Broad Front a leftist coalition against the neoliberal policies.[16]

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The number of trade unionists has quadrupled since 2003, from 110,000 to more than 400,000 in 2015 for a working population of 1.5 million people. According to the International Trade Union Confederation, Uruguay has become the most advanced country in the Americas in terms of respect for "fundamental labor rights, in particular, freedom of association, the right to collective bargaining and the right to strike".[citation needed]

Currency

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Uruguay has a partially dollarized economy. As of August 2008 almost 60% of bank loans use United States dollars,[19] but most transactions use the Uruguayan peso.[20] Today, the Uruguayan peso is minted in coins of 1, 2, 5, 10, and 50 pesos and in banknotes of 20, 50, 100, 200, 500, 1000, and 2000 pesos.

Sectors

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Agriculture, textiles and leather

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Main article: Agriculture in Uruguay

Throughout Uruguay's history, their strongest exporting industries have been beef and wool. In the case of beef exports, they have been boosted since Uruguay joined the Mercosur agreement in 1991 and the country has been able trade with more distant markets, such as Japan. In 2018, it produced 589 thousand tons of beef.[21] In the case of wool exports, they have not been doing so well in recent years suffering from other competitors in the market like New Zealand and the fluctuations of its demand during the 2008 recession in the developed world.

As timber refining is being kept within the country, forestry has become a growth industry in recent years. In 2018, the country produced 1.36 million tons of rice, 1.33 million tons of soy, 816 thousand tons of maize, 637 thousand tons of barley, 440 thousand tons of wheat, 350 thousand tons of sugar cane, 106 thousand tons of orange, 104 thousand tons of grape, 90 thousand tons of rapeseed, 87 thousand tons of potato, 76 thousand tons of sorghum, 71 thousand tons of tangerine, 52 thousand tons of oats, 48 thousand tons of apple, in addition to smaller yields of other agricultural products.[22]

Liebig Extract of Meat Company ran a very large and influential beef extract factory in Fray Bentos for 100 years.

Energy

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This section is an excerpt from Energy in Uruguay.[edit]
 
Wind turbines in Tacuarembó Department
Energy in Uruguay describes energy and electricity production, consumption and import in Uruguay. As part of climate mitigation measures and an energy transformation, Uruguay has converted over 98% of its electrical grid to sustainable energy sources (primarily solar, wind, and hydro).[23] Fossil fuels are primarily imported into Uruguay for transportation, industrial uses and applications like domestic cooking. Four hydroelectric dams provide much of the country's energy supply.

Software

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During the last decades the software industry has developed considerably. Many start-ups have been very successful, such is the case of PedidosYa. Uruguay also exports software; the similar geographic longitude to that of the United States makes it attractive for companies to outsource software development to Uruguayan companies. Other notable Uruguayan software enterprises are: Genexus, Códigos del Sur, Overactive.[24]

Mining

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Main article: Mineral industry of Uruguay

Although this is a sector that does not make substantial contributions to the country's economy, in recent years there has been some activity in gold and cement production, and also in the extraction of granite.

Artigas Department is well known for its amethyst and agate quartz varieties mining. During 2010s 20 thousand tons of minerals were extracted with a value of 9 million of US dollars, exported to Germany, United States, Brazil and China.[25]

Plastics

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Due to two major investments made in 1991 and 1997, the most significant manufactured exports in Uruguay are plastics. These investments laid the way for most of the substantial exports of plastic-based products which have taken a very important role in Uruguay's economy.[citation needed]

Telecommunications

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Despite having poor levels of investment in the fixed-line sector, the small size of Uruguay's population has enabled them to attain one of the highest telecommunication density levels in South America and reach a 100% digitalization of main lines. Although the telecommunications sector has been under a state monopoly for some years, provisions have been made to introduce liberalization and to allow for the entry of more firms into the cellular sector.[citation needed]

Travel and tourism

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Main article: Tourism in Uruguay

In 2013, travel and tourism accounted for 9.4% of the country's GDP.[26] Their tourist industry is mainly characterized for attracting visitors from neighboring countries. Currently Uruguay's major attraction is the interior, particularly located in the region around Punta del Este.[27]

Specialties

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  • Cattle were introduced to Uruguay before its independence by Hernando Arias de Saavedra, the Spanish Governor of Buenos Aires in 1603. Beef exports in 2006 amounted to around 37% of Uruguayan exports.[28]
  • Wool is a traditional product exported mainly to America, followed by the UK and India.[29]
  • Milk and dairy products. Conaprole, National Cooperative of Milk Producers[30] is the main exporter of dairy products in Latin America (in 2006). The area of the country dedicated to dairy food is located mainly in the southwest.
  • Rice. Fine varieties are produced in the lowlands in the east of the country close to Merin lake on the Uruguay-Brazil border. The national company Saman claims to be the main exporter in Latin America.[31] Countries it exports to include Brazil, Iran, Peru, South Africa, Chile, Senegal, Argentina, Paraguay, Bolivia, Ecuador, USA, Canada and China.
  • Tourism: Several seaside resorts, like Punta del Este or Punta del Diablo in the south-eastern departments of Maldonado and Rocha, regarded as a jet-set resort in South America, are main attractions of Uruguay. International cruises call at Montevideo from October to March every year. Also, Uruguay hosts many year-round international conferences. (The original GATT Uruguay Round concerning trade was, as its name suggests, hosted in Uruguay). Montevideo is home to the headquarters (secretariat) of [Mercosur], the Common Market of the South, whose full members are Uruguay, Argentina, Brazil, Paraguay and Venezuela, associate members Bolivia, Chile, Colombia, Ecuador and Peru.
  • Software and consulting. Uruguay's well-educated workforce and lower-than-international wages have put Uruguay on the IT map. A product named GeneXus,[32] originally created in Uruguay by a company called ArTech, is noteworthy. Other important developers and consultants include De Larrobla & Asociados,[33] Greycon and Quanam.[34] Tata Consultancy Services has its headquarters for the Spanish speaking world in Uruguay. Many of these companies have established in [1].

"With a population of only three million, Uruguay has rapidly become Latin America's outsourcing hub. In partnership with one of India's largest technology consulting firms, engineers in Montevideo work while their counterparts in Mumbai sleep." - The New York Times, Sep 22, 2006.

  • Banking Services. Banking has traditionally been one of the strongest service export sectors in the country. Uruguay was once dubbed "the Switzerland of America", mainly for its banking sector and stability. The largest bank in Uruguay is Banco República, or BROU, which is state-owned; another important state bank is the BHU. Almost 20 private banks, most of the branches of international banks, operate in the country (Banco Santander, ABN AMRO, Citibank, among others). There is also a myriad of brokers and financial-services bureaus, among them Ficus Capital, Galvin Sociedad de Bolsa, Europa Sociedad de Bolsa, Darío Cukier, GBU, Hordeñana & Asociados Sociedad de Bolsa, etc. Uruguay has fully recovered from the financial crisis that caused a run on its banks.[citation needed]
  • Public Sector: The state in Uruguay has an important role in the economy, Uruguay resisted the trend of privatization in Utilities and state-owned enterprises in the region. Several Referendums supported the state being in control of the most important utilities and energy companies. Some of the companies have a full monopoly warranted by law (like landline telephony, water), others compete freely with private operators (Insurance, mobile telephony, Banks). Most of them are dominant in the local market. There is strong debate in the Uruguayan society about their role and future. Some of them contributed to the Uruguay state treasury.[citation needed]
    • The most important state-owned companies are: Republica AFAP (Pension Fund), AFE (Railways), ANCAP (Energy), ANCO (Mail), Administracion Nacional de Puertos (Ports), ANTEL (Telecommunications: Telephony, Mobiles (ANCEL and Data ANTELDATA)), BHU (Mortgage Bank), BROU (Bank), BSE (Insurance), OSE (Water & Sewage), UTE (Electricity). These companies operate under public law, using a legal entity defined in the Uruguayan Constitution called 'Ente Autonomo' (Meaning Autonomic Entity). The government also owns parts of other companies operating under private law like the National Airline Carrier PLUNA and others owned totally or partially by the CND National Development Corporation.[citation needed]

Trade agreements

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Currently in force (Free Trade Agreements / Economic Complementation Agreements)
Mercosur (signed and effective November 1991)
ECA N.º 36 MERCOSUR with   Bolivia (signed December 1996 and effective February 1997)
FTA with   Mexico (signed November 2003 and effective July 2004)
ECAa N.º 59 with   Ecuador (signed October 2004 and effective April 2005)
ECA N.º 58 MERCOSUR with   Peru (signed August 2005 and effective December 2005)
ECA N.º 62 MERCOSUR with   Cuba (signed July 2006 and effective September 2008)
Comercial Preference Agreement MERCOSUR with   India (signed January 2004 and effective June 2009)
FTA MERCOSUR with   Israel (signed December de 2007 and effective December 2009)
Partial Agreement N.º 63 with   Venezuela (signed December 2012 and effective March 2013)
Comercial Preference Agreement MERCOSUR with SACU (signed September 2011 and effective April 2016)
FTA MERCOSUR with   Egypt (signed December 2015 and effective September 2017)
ECA N.º 72 MERCOSUR with   Colombia (signed July 2017 and effective December 2017)
FTA with   Chile signed October 2016 and effective December 2018)
Concluded (not in force)
FTA MERCOSUR with   State of Palestine (signed December 2011)

Data

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The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation below 10% is in green.[35]

Year GDP

(in Bil. US$PPP)

GDP per capita

(in US$ PPP)

GDP

(in Bil. US$nominal)

GDP per capita

(in US$ nominal)

GDP growth

(real)

Inflation rate

(in Percent)

Unemployment

(in Percent)

Government debt

(in % of GDP)

1980 14.8 5,050.0 12.2 4,139.9  6.0%  63.5% n/a n/a
1981  16.6  5,594.3  13.6  4,589.0  1.9%  34.0% n/a n/a
1982  15.9  5,347.4  11.1  3,727.4  -9.4%  19.0% n/a n/a
1983  15.6  5,198.1  6.1  2,033.0  -5.9%  49.2% 14.5% n/a
1984  15.9  5,273.5  5.8  1,920.9  -1.5%  55.3%  14.0% n/a
1985  16.5  5,422.0  5.7  1,865.1  0.3%  72.2%  13.1% n/a
1986  18.0  5,912.7  7.0  2,302.5  7.5%  76.4%  10.1% n/a
1987  19.6  6,381.1  8.8  2,864.7  5.9%  63.6%  9.1% n/a
1988  20.4  6,599.9  9.1  2,946.4  0.5%  62.2%  8.6% n/a
1989  21.4  6,896.1  9.6  3,088.0  1.1%  80.4%  8.0% n/a
1990  22.3  7,136.0  11.2  3,573.1  0.3%  112.5%  8.5% n/a
1991  23.8  7,594.2  13.4  4,281.1  3.5%  102.0%  8.9% n/a
1992  26.3  8,333.4  15.5  4,890.2  7.9%  68.5%  9.0% n/a
1993  27.7  8,705.4  18.0  5,659.5  2.7%  54.1%  8.3% n/a
1994  30.3  9,449.3  21.0  6,530.0  7.3%  44.7%  9.2% n/a
1995  30.5  9,448.7  23.2  7,176.4  -1.4%  42.2%  10.3% n/a
1996  32.8  10,095.7  24.6  7,580.6  5.6%  28.3%  11.9% n/a
1997  35.0  10,665.0  26.0  7,925.9  5.0%  19.8%  11.6% n/a
1998  37.0  11,183.4  27.6  8,329.1  4.5%  10.8%  10.1% n/a
1999  36.8  11,042.6  26.1  7,814.5  -1.9%  5.7%  11.2% n/a
2000  36.9  11,030.1  24.8  7,406.0  -1.9%  4.8%  13.4% n/a
2001  36.3  10,837.5  22.7  6,776.8  -3.8%  4.4%  15.2% n/a
2002  34.0  10,170.0  14.8  4,425.1  -7.7%  14.0%  16.8% n/a
2003  35.0  10,480.1  13.1  3,926.7  0.8%  19.4%  17.2% n/a
2004  37.7  11,289.8  14.9  4,456.8  5.0%  9.2%  13.3% n/a
2005  41.8  12,471.6  18.9  5,638.0  7.5%  4.7%  12.1% n/a
2006  44.9  13,360.9  21.3  6,347.3  4.1%  6.4%  10.8% n/a
2007  49.1  14,616.2  25.5  7,587.9  6.5%  8.1%  9.4% n/a
2008  53.6  15,945.2  33.0  9,808.9  7.2%  7.9%  7.9% 46.4%
2009  56.3  16,653.9  34.4  10,181.7  4.2%  7.1%  7.8%  46.4%
2010  61.4  18,069.7  43.8  12,899.7  7.8%  6.7%  7.0%  40.8%
2011  65.9  19,306.8  52.3  15,331.1  5.2%  8.1%  6.3%  41.6%
2012  66.8  19,489.1  55.6  16,213.8  3.5%  8.1%  6.3%  49.8%
2013  70.4  20,475.3  62.1  18,049.7  4.6%  8.6%  6.5%  50.1%
2014  74.2  21,491.9  61.9  17,908.8  3.2%  8.9%  6.6%  50.8%
2015  74.9  21,614.5  57.4  16,565.8  0.4%  8.7%  7.5%  57.8%
2016  76.9  22,092.5  57.2  16,448.8  1.7%  9.6%  7.9%  55.8%
2017  79.1  22,637.3  64.4  18,431.4  1.6%  6.2%  7.9%  56.7%
2018  81.4  23,204.0  64.3  18,338.8  0.5%  7.6%  8.4%  58.3%
2019  83.1  23,617.2  61.0  17,341.4  0.4%  7.9%  8.9%  61.0%
2020  79.0  22,361.7  53.7  15,208.0  -6.1%  9.8%  10.4%  68.3%
2021  85.9  24,233.1  59.3  16,735.3  4.4%  7.7%  9.4%  65.1%
2022  96.8  27,232.8  71.2  20,017.6  5.3%  9.1%  7.9%  61.2%
2023  103.8  29,109.3  73.0  20,463.9  3.6%  7.8%  7.9%  62.6%
2024  108.9  30,425.7  74.8  20,919.5  2.7%  6.4%  7.9%  63.9%
2025  113.7  31,668.3  77.6  21,620.1  2.5%  5.8%  7.9%  64.1%
2026  118.4  32,882.5  79.6  22,122.0  2.2%  4.5%  7.9%  64.9%
2027  123.3  34,153.7  82.0  22,710.1  2.2%  4.5%  7.9%  64.7%
  • Industrial production growth rate: 12.6% (2006 est.)
  • Electricity - production: 9,474 GWh (1998)
    • fossil fuel: 3.91%
    • hydro: 95.62%
    • nuclear: 0%
    • other: 0.47% (1998)
  • Electricity - consumption: 6,526 GWh (1998)
  • Electricity - exports: 2,363 GWh (1998)
  • Electricity - imports: 78 GWh (1998)
  • Agriculture - products: wheat, rice, barley, maize, sorghum; livestock; fish
  • Exchange rates: Uruguayan pesos per US dollar - 24.048 (2006), 24.479 (2005), 28.704 (2004), 28.209 (2003), 21.257 (2002)

Uruguay in the world

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The following table shows the economic rankings of Uruguay compared to the world:

Index Source Rank Published
Quality of Life Index Numbeo[36] 42° 2024
Human Development Index UNDP[10] 52° 2022
Democracy Index Economist Intelligence Unit[37] 11° 2022
Global Peace Index Vision of Humanity[38] 46° 2020-2022
Prosperity Index Legatum[39] 37° 2021
Corruption Perceptions Index Transparency[40] 14° 2023
Economic Freedom Index Heritage[41] 34° 2022
Global Competitiveness Report World Economic Forum[42] 54° 2019
Cost of Living Index Expatistan[43] 30° 2023
Debt Rating[44] Moodys BAA2 2021
S&P BBB 2017
Fitch BBB- 2020
Developed Country Recognition World Bank High Income 2023
United Nations Very High HDI 2021 (2022 report)
Index of Geopolitical Gains and Losses

after Energy Transition (GeGaLo Index)

Overland et al.[45] 6 out of 156 2019

See also

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Notes

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  1. ^ Data cover general government debt, and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions.

References

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  1. ^ "World Economic Outlook Database, April 2019". IMF.org. International Monetary Fund. Retrieved 29 September 2019.
  2. ^ "World Bank Country and Lending Groups". datahelpdesk.worldbank.org. World Bank. Retrieved 29 September 2019.
  3. ^ "Población en Uruguay aumentó 1%: se contabiliza en 3.444.263 habitantes". Uruguay Presidencia (in Spanish). Archived from the original on 28 November 2023. Retrieved 2024-07-15.
  4. ^ a b c d "Report for Selected Countries and Subjects: April 2024". imf.org. International Monetary Fund.
  5. ^ a b c "The outlook is uncertain again amid financial sector turmoil, high inflation, ongoing effects of Russia's invasion of Ukraine, and three years of COVID". International Monetary Fund. April 11, 2023.
  6. ^ a b c d e f g h i j k l m n o "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 28 January 2019.
  7. ^ "Índice de Precios del Consumo (IPC)". Instituto Nacional de Estadística. 2024-05-03. Retrieved 2024-05-05.
  8. ^ "Uruguay ratifica baja de la pobreza en el último año". ine.gub.uy (in Spanish). Instituto Nacional de Estadística. 2023-03-27. Retrieved 2024-05-05.
  9. ^ "GINI index (World Bank estimate) - Uruguay". data.worldbank.org. World Bank. Retrieved 15 July 2024.
  10. ^ a b c "Human Development Report 2023/2024" (PDF). United Nations Development Programme. 13 March 2024. Archived (PDF) from the original on 13 March 2024. Retrieved 17 April 2024.
  11. ^ "Corruption Perceptions Index". Transparency International. 30 January 2024. Archived from the original on 30 January 2024. Retrieved 15 July 2024.
  12. ^ "Labor force, total - Uruguay". data.worldbank.org. World Bank. Retrieved 27 April 2021.
  13. ^ a b "Actividad, Empleo y Desempleo". ine.gub.uy. Instituto Nacional de Estadística. Retrieved 27 April 2021.
  14. ^ "Sovereigns rating list". Standard & Poor's. Retrieved 26 May 2011.
  15. ^ a b c Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's and S&P rate each country's credit rating". The Guardian. London. Retrieved 28 May 2011.
  16. ^ a b c d e f g h i j k l m n Renfrew, Daniel (2019). "Chapter 2: This is Not a Game". Life without lead : contamination, crisis, and hope in Uruguay. Oakland, California. pp. 51–82. ISBN 978-0-520-96824-0. OCLC 1102765674.{{cite book}}: CS1 maint: location missing publisher (link)
  17. ^ a b Jermyn, Leslie; Wong, Winnie (2010). Uruguay. Marshall Cavendish. ISBN 9780761444824.
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