Economy of Uruguay

from 3.3% to 1.7%, respectively.

Between the years 2007 and 2009, Uruguay was the only country in the Americas which did not technically experience a recession (two consecutive downwards quarters). Unemployment reached a record low of 5.4% in December 2010 before rising to 6.1% in January 2011. Low unemployment has caused a rise in inflationary pressures, although Uruguay's GDP expanded by 10.4% for the first half of 2010.

According to IMF estimates, Uruguay is likely to achieve growth in real GDP of between 8% and 8.5% in 2010, followed by 5% growth in 2011 and 4% in subsequent years. The gross public sector debt contracted in the second quarter of 2010, after five consecutive periods of sustained increase, reached 21.885 billion US dollars, equivalent to 59.5% of the GDP