Front Matter

Front Matter Page

©1996 International Monetary Fund

September 1996

IMF Staff Country Report No. 96/94

Uruguay—Recent Economic Developments

This report on recent economic developments in Uruguay was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with this member country. As such, the views expressed in this document are those of the staff team and do not necessarily reflect the views of the Government of Uruguay or the Executive Board of the IMF.

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Front Matter Page

INTERNATIONAL MONETARY FUND

URUGUAY

Recent Economic Developments

Prepared by staff missions consisting of Jorge Guzmàn (Head-WHD), Gustavo Cañonero, Rogerio Zandamela, and Veronica Quintero (all WHD)

Approved by the Western Hemisphere Department

July 9, 1996

Contents

  • Basic Data

  • I. Economic Activity and Prices

  • II. Public Finances

    • 1. Overall trends

    • 2. Operations of the nonfinancial public sector

      • a. Central Administration

      • b. Social security system

      • c. Public sector enterprises

    • 3. Operating losses of the Central Bank, the Mortgage Bank (BHU), and the intervened commercial banks

    • 4. Public sector reforms

  • III. Financial Intermediation

    • 1. Overall trends

    • 2. Structure of the financial sector

    • 3. Developments in monetary aggregates

    • 4. Credit developments

    • 5. Interest rates

    • 6. Financial sector reform

  • IV. External Sector

    • 1. Overall trends

    • 2. Merchandise trade

      • a. Exports

      • b. Imports

    • 3. Services and transfers

    • 4. Capital movements and external debt

    • 5. Exchange rate policy and developments

    • 6. Trade issues

  • Tables

    • 1. Selected Economic and Financial Indicators

    • 2. Output and Expenditure in Constant 1983 Prices

    • 3. Savings and Investment

    • 4. National Accounts

    • 5. National Accounts at Constant Prices

    • 6. Gross Domestic Product by Origin

    • 7. Agricultural and Livestock Production

    • 8. Selected Data on Acreage, Production, and Yield of Agricultural Products

    • 9. Production and Exports of Wool

    • 10. Fishing Production and Exports

    • 11. Production and Consumption of Beef

    • 12. Manufacturing Output

    • 13. Index of Manufacturing Production

    • 14. Output and Output per Hour in Manufacturing

    • 15. Labor Force and Employment

    • 16. Unemployment Rate

    • 17. Price Movements

    • 18. Public Utility and Petroleum Prices

    • 19. Wage Developments

    • 20. Summary Operations of the Public Sector

    • 21. Summary Operations of the Central Administration

    • 22. Summary Operations of the Social Security System

    • 23. Summary Operations of the Public Enterprises

    • 24. Nonfinancial Public Sector Operations

    • 25. Operations of the Central Administration

    • 26. Functional Classification of Central Government Expenditure

    • 27. Operations of the Public Enterprises

    • 28. Summary Quasi-Fiscal Operations of the Central Bank

    • 29. Employment in the Public Sector, 1989-95

    • 30. Selected Monetary and Credit Indicators

    • 31. Composition of Private Sector Financial Assets

    • 32. Summary Accounts of the Financial System

    • 33. Accounts of the Financial System

    • 34. Accounts of the Banking System

    • 35. Accounts of the Central Bank

    • 36. Accounts of the Banco de la República Oriental del Uruguay

    • 37. Accounts of the Private Commercial Banks

    • 38. Accounts of the Mortgage Bank

    • 39. Financial System Credit to the Private Sector

    • 40. Financial System Credit to the Private Sector in Real Terms

    • 41. Nominal Short-Term Interest Rates

    • 42. Private Banks’ Required Reserve Ratios on Selected Dates

    • 43. Summary Balance of Payments

    • 44. Balance of Payments, 1991-95

    • 45. Value, Volume, and Unit Value of Merchandise Trade

    • 46. Summary of Exports, f.o.b.

    • 47. Exports, f.o.b.

    • 48. Summary of Imports, c.i.f.

    • 49. Imports, c.i.f.

    • 50. Direction of Merchandise Trade

    • 51. Summary of External Debt

    • 52. Summary of Public External Debt Service

    • 53. Disbursements, Amortization, and Outstanding External Public Debt

    • 54. Amortization for Medium- and Long-Term Public Sector External Debt

    • 55. Net International Reserves of the Central Bank

    • 56. Exchange Rates

    • 57. Measures of Competitiveness

  • Appendices

    • I. An Estimation of the Effectiveness of Credit Policy in Uruguay

    • II. Measures of Real Effective Exchange Rate

  • Charts

    • 1. Real Sector Indicators

    • 2. Summary Operations of the Public Sector

    • 3. Indicators of Monetary Developments

    • 4. Interest Rate Developments

    • 5. External Sector Developments

    • 6. Real Exchange Rates

Uruguay—Basic Data

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Excluding reserve liabilities of the Central Bank and foreign currency deposits by nonresidents.

On public and publicly guaranteed debt; excludes foreign currency deposits of nonresidents, reserve liabilities of the Central Bank, and short-term amortization.

Includes foreign currency deposits of residents and nonresidents; foreign currency deposits converted at the end-of-period exchange rate.

Refers to central government. Includes foreign-currency denominated liabilities of the Government held by unidentified Uruguayan residents.

Figures for 1991 include the use of reserves for the buyback of commercial bank debt.

Includes an adjustment to allow for the difference between the price at which gold is bought or sold and the price at which it is valued for reserve purposes.

Gold valued at market prices.

Gold valued at US$42.00 per troy ounce.

Includes private suppliers’ credit and excludes reserve liabilities of the commercial banks and deposits of nonresidents.

Uruguay: Recent Economic Developments
Author: International Monetary Fund