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República Oriental del Uruguay
Oriental Republic of Uruguay

Flag of Uruguay Coat of Arms of Uruguay
Motto
Libertad o muerte
Anthem
National Anthem of Uruguay
Map of Uruguay
CapitalMontevideo
Government Presidential republic
President
- From 2010José Mujica
Legislature General Assembly
- Upper houseSenate
- Lower houseHouse of Representatives
History
August 25, 1825Declaration of independence
August 28, 1828Recognition
July 18, 1830Constitution
Area176,215 km²
Population
- 20093,494,382
 Density19.8/km²
GDP2009 (PPP)
- TotalUS$ 50.1 billion
- Per capitaUS$ 14,342
CurrencyUruguayan peso
Flag of None Empire of Brazil
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The Oriental Republic of Uruguay is a presidential republic in South America.


Background

Montevideo, founded by the Spanish in 1726 as a military stronghold, soon took advantage of its natural harbor to become an important commercial center. Claimed by Argentina but annexed by Brazil in 1821, Uruguay declared its independence four years later and secured its freedom in 1828 after a three-year struggle. The administrations of President Jose BATLLE in the early 20th century established widespread political, social, and economic reforms that established a statist tradition. A violent Marxist urban guerrilla movement named the Tupamaros, launched in the late 1960s, led Uruguay's president to cede control of the government to the military in 1973. By yearend, the rebels had been crushed, but the military continued to expand its hold over the government. Civilian rule was not restored until 1985. In 2004, the left-of-center Frente Amplio Coalition won national elections that effectively ended 170 years of political control previously held by the Colorado and Blanco parties. Uruguay's political and labor conditions are among the freest on the continent.[1]

Economy

Uruguay's economy is characterized by an export-oriented agricultural sector, a well-educated work force, and high levels of social spending. After averaging growth of 5% annually during 1996-98, in 1999-2002 the economy suffered a major downturn, 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, a banking crisis, and a sharp economic contraction. Real GDP fell in four years by nearly 20%, with 2002 the worst year. The unemployment rate rose, inflation surged, and the burden of external debt doubled. Financial assistance from the IMF helped stem the damage. Uruguay restructured its external debt in 2003 without asking creditors to accept a reduction on the principal. Economic growth for Uruguay resumed, and averaged 8% annually during the period 2004-08. The 2008-09 global financial crisis put a brake on Uruguay's vigorous growth, which decelerated to 2.9% in 2009. Nevertheless, the country managed to avoid a recession and keep positive growth rates, mainly through higher public expenditure and investment, and GDP growth exceeded 8% in 2010.[2]

President

  • José Mujica () (March 1, 2010 - )


Vice President

Nation


Neighbouring Nations

References

  1. The CIA World Factbook: Introduction - Background
  2. The CIA World Factbook: Economy - Overview

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