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Uruguay

Economic overview

Uruguay’s economy is largely an export oriented agricultural sector, with a well educated workforce after growing at an annual growth rate of 5% during 1996-1998, from 1998 to 2002 the economy fell largely due to lower demand for exports to Argentina and Brazil, total GDP dropped nearly 20%  with 2002 being the worst year. With unemployment rising to nearly 20% in 2002 inflation surged. Even though cooperating with the IMF and the US has limited damage the growth rate is still expected to fall by 10.8% in 2003.