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Uruguay

Uruguay's economy in 2025 is expected to experience modest but stable growth, with forecasts ranging from approximately 2.1% to 2.8%, following a strong rebound of 3.1% in 2024. The economy is benefiting from a recovery in key sectors such as agriculture—where production bounced back after a severe drought—and significant expansion in cellulose exports and energy generation. However, this growth is moderating due to the completion of major infrastructure projects and potential softening global commodity prices.

The services sector, including tourism, remains a vital component of the economy, providing steady support to external balances. Exports, especially of soy, cellulose, and other agricultural products, continue to underpin economic stability despite some headwinds from lower global demand and prices.

Inflation in Uruguay is projected to stay within the central bank’s target range of 3% to 6%, estimated at around 5.4% for 2025, supported by prudent monetary policies. The local currency, the Uruguayan peso, has remained relatively stable, maintaining purchasing power and investor confidence.

Fiscal challenges persist, with a government deficit near 3.4% of GDP and public debt exceeding 60%, limiting policy flexibility. However, Uruguay’s adherence to fiscal rules over recent years has helped stabilize debt levels, and pension reforms aim to improve medium-term fiscal sustainability.

Employment indicators show a slight increase in labor force participation and stable unemployment rates, though informality remains a concern affecting nearly 23% of the workforce.

Overall, Uruguay in 2025 offers a stable and moderate growth environment with opportunities focused on agriculture, forestry, tourism, and value-added exports, maintaining its reputation as one of the most prosperous and well-managed economies in the region.

Payment methods in Uruguay: