Economy of Uruguay explained

The economy of Uruguay features an export-oriented agricultural sector and a well-educated workforce, along with high levels of social spending. Tourism and banking are also prominent sectors; Uruguay acts as a regional hub for international finance and tourism. The country also has a history and representation of advanced workers-rights protection, with unions and the eight-hour work-day protected at the beginning of the 20th century.

90% of the country's population is urbanized, while most of the industry and over half of the population is concentrated in the capital Montevideo.

After averaging growth of 5% annually during 1996–98, Uruguay's economy suffered a major downturn in 1999–2002, 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, causing the 2002 Uruguay banking crisis.

History

19th century

In the 19th century, the country had similar characteristics to other Latin American countries: caudillismo, civil wars and permanent instability (40 revolts between 1830 and 1903), foreign capitalism's control of important sectors of the economy, a high percentage of illiterate people (more than half the population in 1900). Among foreign investments, investors from Great Britain controlled 22% of the land and many majors parts of the industrial infrastructure, including meatpacking and leather industry, infrastructure for water and gas, and transport systems like trolley and 1100 miles of rail.

In 1857, the first nationally owned bank, Banco Comercial, was founded.

Reforms after Batlle

José Batlle y Ordóñez, President from 1903 to 1907 and again from 1911 to 1915, set the pattern for Uruguay's modern political development and dominated the political scene until he died in 1929. Batlle introduced widespread political, social, and economic reforms such as a welfare program, government participation in many facets of the economy, and a new constitution.

Batlle nationalized foreign-owned companies and created a modern social welfare system. Income tax for lower incomes was abolished in 1905, secondary schools established in every city (1906), telephone network nationalized, unemployment benefits were introduced (1914), eight-hour working day introduced (1915), etc.^[15] By 1929, 84% of manufacturing was concentrated in a handful of industries: meatpacking, leather and wool. Industrial policies further encouraging migration from rural to urban communities, as well as waves of immigrants from southern and eastern Europe. Investment in urban infrastructure in Montevideo and a growing economy, was capped by hosting the first 1930 FIFA World Cup.

Claudio Williman who served between Batlle's two terms was his supporter and continued all his reforms, as did the next President Baltasar Brum (1919–1923). Around 1900 infant mortality rates (IMR) in Uruguay were among the world's lowest, indicating a very healthy population.^[16]

The Great Depression ended an era of export-led economic growth in Uruguay.

Mid-20th century

The Uruguay economy shifted from an agriculture-dominated economy to an industrial economy from the period 1930 to 1955.^[17] This shift led to a sluggish economy, as Uruguay neglected its comparative advantage, diverting resources away from a productive agricultural sector to an inefficient, unproductive manufacturing sector. The government sought to bolster its manufacturing sector with import substitution industrialization, disincentivizing imports.^[18] From the 1950s onwards, the Uruguayan economy was in decline.^[19]

Anthropology professor Daniel Renfrew describes the 50s, 60s and dictatorship period (70s and 80s) as economic downturn periods, followed by further economic degradation caused by neoliberalism. Economist Jamie Mezzera disagrees with this interpretation, arguing that between 1968 and 1972, Uruguay was one of the most regulated capitalist economies in the world. In this period, the government massively increased import tariffs and had near-total wage and price controls. The government instituted these policies to avoid the political pressure that would come if they were to devalue their currency.^[20] Between 1955 and 1972, economic output in Uruguay stagnated. After the price and wage controls were largely removed in 1973, growth increased by 4.3% per year until 1979.

The policies of the Colorado Party under Julio María Sanguinetti and Jorge Batlle during the 90s and early 2000s, following global trends of neo-liberalization, facilitated a shift from manufacturing and small-scale agriculture, towards increasing monoculture agriculture and services like finance and tourism. However, these policies faded as the regional economic problems in Argentina and Brazil caused a downturn and unemployment from 1998 to 2003. The economic and social crises that followed allowed for the election of the Broad Front a leftist coalition against the neoliberal policies.

Currency

Uruguay has a partially dollarized economy. almost 60% of bank loans use United States dollars,^[21] but most transactions use the Uruguayan peso.^[22] Today, the Uruguayan peso is minted in coins of 1, 2, 5, 10, and 50 pesos and in banknotes of 20, 50, 100, 200, 500, 1000, and 2000 pesos.

Sectors

Agriculture, textiles and leather

See main article: Agriculture in Uruguay. Throughout Uruguay's history, their strongest exporting industries have been beef and wool. In the case of beef exports, they have been boosted since Uruguay joined the Mercosur agreement in 1991 and the country has been able trade with more distant markets, such as Japan. In 2018, it produced 589 thousand tons of beef.^[23] In the case of wool exports, they have not been doing so well in recent years suffering from other competitors in the market like New Zealand and the fluctuations of its demand during the 2008 recession in the developed world.

As timber refining is being kept within the country, forestry has become a growth industry in recent years. In 2018, the country produced 1.36 million tons of rice, 1.33 million tons of soy, 816 thousand tons of maize, 637 thousand tons of barley, 440 thousand tons of wheat, 350 thousand tons of sugar cane, 106 thousand tons of orange, 104 thousand tons of grape, 90 thousand tons of rapeseed, 87 thousand tons of potato, 76 thousand tons of sorghum, 71 thousand tons of tangerine, 52 thousand tons of oats, 48 thousand tons of apple, in addition to smaller yields of other agricultural products.^[24]

Liebig Extract of Meat Company ran a sizeable beef extract factory in Fray Bentos for 100 years.

Software

During the last decades the software industry has developed considerably. Many start-ups have been very successful, such is the case of PedidosYa and DLocal. Uruguay also exports software; the similar geographic longitude to that of the United States makes it attractive for companies to outsource software development to Uruguayan companies. Other notable Uruguayan software enterprises are: Genexus, Códigos del Sur, Overactive.^[25]

Mining

See main article: Mineral industry of Uruguay. Although this is a sector that does not make substantial contributions to the country's economy, in recent years there has been some activity in gold and cement production, and also in the extraction of granite.

Artigas Department is well known for its amethyst and agate quartz varieties mining. During 2010s 20 thousand tons of minerals were extracted with a value of 9 million US dollars, exported to Germany, United States, Brazil and China.^[26]

Plastics

In 2011, plastics were the second-largest non-agricultural industrial export of the country.^[27]

Telecommunications

See main article: Telecommunications in Uruguay. Despite having poor levels of investment in the fixed-line sector, the small size of Uruguay's population has enabled them to attain one of the highest telecommunication density levels in South America. The teledensity was already the second highest in the continent in the 1990s (after French Guiana)^[28] and the highest in 2001.^[29] Reaching a peak of 162.077 in 2014, the density declined in subsequent years, yet it was still 136.921 as of 2021.^[30] Mobile penetration was the second highest in Latin America (after Panama) as of 2022.^[31] Furthermore, the country already achieved a 100% digitalization of main lines by 1999.^[29]

The telecommunications sector is partially under a state monopoly through the public company ANTEL, including a monopoly on landline telephony.^[31] While this sector was privatized in many Latin American countries during the 1990s, Uruguay managed to keep telecommunications in public hands, partially under pressure from popular opinion through referendums.^[32] However, steps have been made to introduce liberalization and to allow for the entry of more private firms into the cellular sector. In 2022, under Luis Lacalle Pou, Uruguay authorized five cable companies into the fixed broadband internet sector.^{[33] [34]}

Travel and tourism

See main article: Tourism in Uruguay. In 2013, travel and tourism accounted for 9.4% of the country's GDP.^[35] Their tourist industry is mainly characterized for attracting visitors from neighboring countries. Currently Uruguay's major attraction is the interior, particularly located in the region around Punta del Este.^[36]

Specialties

• Cattle were introduced to Uruguay before its independence by Hernando Arias de Saavedra, the Spanish Governor of Buenos Aires in 1603. Beef exports in 2006 amounted to around 37% of Uruguayan exports.^[37]
• Wool is a traditional product exported mainly to America, followed by the UK and India.^[38]
• Milk and dairy products. Conaprole, National Cooperative of Milk Producers^[39] is the main exporter of dairy products in Latin America (in 2006). The area of the country dedicated to dairy food is located mainly in the southwest.
• Rice. Fine varieties are produced in the lowlands in the east of the country close to Merin lake on the Uruguay-Brazil border. The national company Saman claims to be the main exporter in Latin America.^[40] Countries it exports to include Brazil, Iran, Peru, South Africa, Chile, Senegal, Argentina, Paraguay, Bolivia, Ecuador, USA, Canada and China.
• Tourism: Several seaside resorts, like Punta del Este or Punta del Diablo in the south-eastern departments of Maldonado and Rocha, regarded as a jet-set resort in South America, are main attractions of Uruguay. International cruises call at Montevideo from October to March every year. Also, Uruguay hosts many year-round international conferences. (The original GATT Uruguay Round concerning trade was, as its name suggests, hosted in Uruguay). Montevideo is home to the headquarters (secretariat) of [Mercosur], the Common Market of the South, whose full members are Uruguay, Argentina, Brazil, Paraguay and Venezuela, associate members Bolivia, Chile, Colombia, Ecuador and Peru.
• Software and consulting. Uruguay's well-educated workforce and lower-than-international wages have put Uruguay on the IT map. A product named GeneXus,^[41] originally created in Uruguay by a company called ArTech, is noteworthy. Other important developers and consultants include De Larrobla & Asociados,^[42] Greycon and Quanam.^[43] Tata Consultancy Services has its headquarters for the Spanish speaking world in Uruguay. Many of these companies have established in http://www.zonamerica.com.

"With a population of only three million, Uruguay has rapidly become Latin America's outsourcing hub. In partnership with one of India's largest technology consulting firms, engineers in Montevideo work while their counterparts in Mumbai sleep." - The New York Times, Sep 22, 2006.

• Banking Services. Banking has traditionally been one of the strongest service export sectors in the country. Uruguay was once dubbed "the Switzerland of America", mainly for its banking sector and stability. The largest bank in Uruguay is Banco República, or BROU, which is state-owned; another important state bank is the BHU. Almost 20 private banks, most of the branches of international banks, operate in the country (Banco Santander, ABN AMRO, Citibank, among others). There is also a myriad of brokers and financial-services bureaus, among them Ficus Capital, Galvin Sociedad de Bolsa, Europa Sociedad de Bolsa, Darío Cukier, GBU, Hordeñana & Asociados Sociedad de Bolsa, etc. Uruguay has fully recovered from the financial crisis that caused a run on its banks.
• Public Sector: The state in Uruguay has an important role in the economy, Uruguay resisted the trend of privatization in Utilities and state-owned enterprises in the region. Several Referendums supported the state being in control of the most important utilities and energy companies. Some of the companies have a full monopoly warranted by law (like landline telephony, water), others compete freely with private operators (Insurance, mobile telephony, Banks). Most of them are dominant in the local market. There is strong debate in the Uruguayan society about their role and future. Some of them contributed to the Uruguay state treasury.
  • The most important state-owned companies are: Republica AFAP (Pension Fund), AFE (Railways), ANCAP (Energy), ANCO (Mail), Administracion Nacional de Puertos (Ports), ANTEL (Telecommunications: Telephony, Mobiles (ANCEL and Data ANTELDATA)), BHU (Mortgage Bank), BROU (Bank), BSE (Insurance), OSE (Water & Sewage), UTE (Electricity). These companies operate under public law, using a legal entity defined in the Uruguayan Constitution called 'Ente Autonomo' (Meaning Autonomic Entity). The government also owns parts of other companies operating under private law like the National Airline Carrier PLUNA and others owned totally or partially by the CND National Development Corporation.

Trade agreements

Agreement	Partner(s)	Signed	Effective	Status
	,,,	November 1991	November 1991	Currently in force (Free Trade Agreements / Economic Complementation Agreements)
ECA N.º 36 MERCOSUR		December 1996	February 1997
FTA		November 2003	July 2004
ECA N.º 59		October 2004	April 2005
ECA N.º 58 MERCOSUR		August 2005	December 2005
ECA N.º 62 MERCOSUR		July 2006	September 2008
Commercial Preference Agreement MERCOSUR		January 2004	June 2009
FTA MERCOSUR		December 2007	December 2009
Partial Agreement N.º 63		December 2012	March 2013
Commercial Preference Agreement MERCOSUR		September 2011	April 2016
FTA MERCOSUR		December 2015	September 2017
ECA N.º 72 MERCOSUR		July 2017	December 2017
FTA		October 2016	December 2018
FTA MERCOSUR		December 2011	—	Concluded (not in force)

Data

The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation below 10% is in green.^[44]

Year	GDP(in Bil. US$PPP)	GDP per capita(in US$ PPP)	GDP(in Bil. US$nominal)	GDP per capita(in US$ nominal)	GDP growth(real)	Inflation rate(in Percent)	Unemployment(in Percent)	Government debt(in % of GDP)
1980	14.8	5,050.0	12.2	4,139.9	6.0%	63.5%	n/a	n/a
1981	16.6	5,594.3	13.6	4,589.0	1.9%	34.0%	n/a	n/a
1982	15.9	5,347.4	11.1	3,727.4	-9.4%	19.0%	n/a	n/a
1983	15.6	5,198.1	6.1	2,033.0	-5.9%	49.2%	14.5%	n/a
1984	15.9	5,273.5	5.8	1,920.9	-1.5%	55.3%	14.0%	n/a
1985	16.5	5,422.0	5.7	1,865.1	0.3%	72.2%	13.1%	n/a
1986	18.0	5,912.7	7.0	2,302.5	7.5%	76.4%	10.1%	n/a
1987	19.6	6,381.1	8.8	2,864.7	5.9%	63.6%	9.1%	n/a
1988	20.4	6,599.9	9.1	2,946.4	0.5%	62.2%	8.6%	n/a
1989	21.4	6,896.1	9.6	3,088.0	1.1%	80.4%	8.0%	n/a
1990	22.3	7,136.0	11.2	3,573.1	0.3%	112.5%	8.5%	n/a
1991	23.8	7,594.2	13.4	4,281.1	3.5%	102.0%	8.9%	n/a
1992	26.3	8,333.4	15.5	4,890.2	7.9%	68.5%	9.0%	n/a
1993	27.7	8,705.4	18.0	5,659.5	2.7%	54.1%	8.3%	n/a
1994	30.3	9,449.3	21.0	6,530.0	7.3%	44.7%	9.2%	n/a
1995	30.5	9,448.7	23.2	7,176.4	-1.4%	42.2%	10.3%	n/a
1996	32.8	10,095.7	24.6	7,580.6	5.6%	28.3%	11.9%	n/a
1997	35.0	10,665.0	26.0	7,925.9	5.0%	19.8%	11.6%	n/a
1998	37.0	11,183.4	27.6	8,329.1	4.5%	10.8%	10.1%	n/a
1999	36.8	11,042.6	26.1	7,814.5	-1.9%	5.7%	11.2%	n/a
2000	36.9	11,030.1	24.8	7,406.0	-1.9%	4.8%	13.4%	n/a
2001	36.3	10,837.5	22.7	6,776.8	-3.8%	4.4%	15.2%	n/a
2002	34.0	10,170.0	14.8	4,425.1	-7.7%	14.0%	16.8%	n/a
2003	35.0	10,480.1	13.1	3,926.7	0.8%	19.4%	17.2%	n/a
2004	37.7	11,289.8	14.9	4,456.8	5.0%	9.2%	13.3%	n/a
2005	41.8	12,471.6	18.9	5,638.0	7.5%	4.7%	12.1%	n/a
2006	44.9	13,360.9	21.3	6,347.3	4.1%	6.4%	10.8%	n/a
2007	49.1	14,616.2	25.5	7,587.9	6.5%	8.1%	9.4%	n/a
2008	53.6	15,945.2	33.0	9,808.9	7.2%	7.9%	7.9%	46.4%
2009	56.3	16,653.9	34.4	10,181.7	4.2%	7.1%	7.8%	46.4%
2010	61.4	18,069.7	43.8	12,899.7	7.8%	6.7%	7.0%	40.8%
2011	65.9	19,306.8	52.3	15,331.1	5.2%	8.1%	6.3%	41.6%
2012	66.8	19,489.1	55.6	16,213.8	3.5%	8.1%	6.3%	49.8%
2013	70.4	20,475.3	62.1	18,049.7	4.6%	8.6%	6.5%	50.1%
2014	74.2	21,491.9	61.9	17,908.8	3.2%	8.9%	6.6%	50.8%
2015	74.9	21,614.5	57.4	16,565.8	0.4%	8.7%	7.5%	57.8%
2016	76.9	22,092.5	57.2	16,448.8	1.7%	9.6%	7.9%	55.8%
2017	79.1	22,637.3	64.4	18,431.4	1.6%	6.2%	7.9%	56.7%
2018	81.4	23,204.0	64.3	18,338.8	0.5%	7.6%	8.4%	58.3%
2019	83.1	23,617.2	61.0	17,341.4	0.4%	7.9%	8.9%	61.0%
2020	79.0	22,361.7	53.7	15,208.0	-6.1%	9.8%	10.4%	68.3%
2021	85.9	24,233.1	59.3	16,735.3	4.4%	7.7%	9.4%	65.1%
2022	96.8	27,232.8	71.2	20,017.6	5.3%	9.1%	7.9%	61.2%
2023	103.8	29,109.3	73.0	20,463.9	3.6%	7.8%	7.9%	62.6%
2024	108.9	30,425.7	74.8	20,919.5	2.7%	6.4%	7.9%	63.9%
2025	113.7	31,668.3	77.6	21,620.1	2.5%	5.8%	7.9%	64.1%
2026	118.4	32,882.5	79.6	22,122.0	2.2%	4.5%	7.9%	64.9%
2027	123.3	34,153.7	82.0	22,710.1	2.2%	4.5%	7.9%	64.7%

• Industrial production growth rate: 12.6% (2006 est.)
• Electricity - production: 9,474 GWh (1998)
  • fossil fuel

3.91%

• • hydro: 95.62%
  • nuclear: 0%
  • other: 0.47% (1998)
• Electricity - consumption: 6,526 GWh (1998)
• Electricity - exports: 2,363 GWh (1998)
• Electricity - imports: 78 GWh (1998)
• Agriculture - products: wheat, rice, barley, maize, sorghum; livestock; fish
• Exchange rates: Uruguayan pesos per US dollar - 24.048 (2006), 24.479 (2005), 28.704 (2004), 28.209 (2003), 21.257 (2002)

Uruguay in the world

The following table shows the economic rankings of Uruguay compared to the world:

!Index!Source!Rank!Published

Quality of Life Index	Numbeo[45]	42°	2024
Human Development Index	UNDP[46]	52°	2022
Democracy Index	Economist Intelligence Unit[47]	11°	2022
Global Peace Index	Vision of Humanity[48]	46°	2020-2022
Prosperity Index	Legatum[49]	37°	2021
Corruption Perceptions Index	Transparency[50]	14°	2023
Economic Freedom Index	Heritage[51]	34°	2022
Global Competitiveness Report	World Economic Forum[52]	54°	2019
Cost of Living Index	Expatistan[53]	30°	2023
Debt Rating[54]	Moodys	BAA2	2021
	S&P	BBB	2017
	Fitch	BBB-	2020
Developed Country Recognition	World Bank	High Income	2023
	United Nations	Very High HDI	2021 (2022 report)
Index of Geopolitical Gains and Lossesafter Energy Transition (GeGaLo Index)	Overland et al.[55]	6 out of 156	2019

See also

• Petroleum in Uruguay
• Taxation in Uruguay
• Economy of South America
• List of Latin American and Caribbean countries by GDP growth
• List of Latin American and Caribbean countries by GDP (nominal)
• List of Latin American and Caribbean countries by GDP (PPP)
• IMF-Uruguayan Relationship

References

12. Web site: (Desempleo en Uruguay disminuyó a 7,8% en julio). 5 May 2024 .

External links

• World Bank Summary Trade Statistics Uruguay

Notes and References

1. Web site: World Economic Outlook Database, April 2019 . . IMF.org . 29 September 2019.
2. Web site: World Bank Country and Lending Groups . . datahelpdesk.worldbank.org . 29 September 2019.
3. Web site: Población en Uruguay aumentó 1%: se contabiliza en 3.444.263 habitantes . 2024-07-15 . Uruguay Presidencia . es . 28 November 2023 . https://web.archive.org/web/20231128035627/https://www.gub.uy/presidencia/comunicacion/noticias/poblacion-uruguay-aumento-1-se-contabiliza-3444263-habitantes . live .
4. Web site: IMF DataMapper: Uruguay . . 2025 . 13 Jan 2026.
5. Web site: The World Factbook . https://web.archive.org/web/20210110004752/https://www.cia.gov/the-world-factbook/countries/uruguay#economy . dead . January 10, 2021 . . CIA.gov . 13 January 2026.
6. Web site: Índice de Precios del Consumo (IPC). Instituto Nacional de Estadística. 2024-05-03. 2024-05-05.
7. Web site: Uruguay ratifica baja de la pobreza en el último año. es. Instituto Nacional de Estadística. ine.gub.uy . 2023-03-27. 2024-05-05.
8. Web site: GINI index (World Bank estimate) - Uruguay . World Bank. data.worldbank.org . 15 July 2024.
9. Web site: 6 May 2025 . Human Development Report 2025 . live . https://web.archive.org/web/20250506051232/https://hdr.undp.org/system/files/documents/global-report-document/hdr2025reporten.pdf . 6 May 2025 . 12 May 2025 . . en.
10. Web site: Labor force, total - Uruguay . . data.worldbank.org . 27 April 2021.
11. Web site: Actividad, Empleo y Desempleo . Instituto Nacional de Estadística. ine.gub.uy . 27 April 2021.
12. Data cover general government debt, and include debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions.
13. Web site: Sovereigns rating list . Standard & Poor's . 26 May 2011.
14. News: How Fitch, Moody's and S&P rate each country's credit rating . 15 April 2011 . Simon . Rogers . Ami . Sedghi . The Guardian . 28 May 2011 . London.
15. Book: Uruguay. 9780761444824. Jermyn. Leslie. Wong. Winnie. 2010. Marshall Cavendish .
16. Web site: Oxford Textbook of Musculoskeletal Medicine Oxford Academic . http://web.archive.org/web/20240716190520/https://academic.oup.com/book/31818 . 2024-07-16 . 2026-02-11 . academic.oup.com . en.
17. Bell . James P. . 1971 . Uruguay's Economic Evolution: 1900 to 1968 . SAIS Review (1956-1989) . 15 . 3 . 27–35 . 45348928 . 0036-0775.
18. Book: Renfrew, Daniel. Life without lead : contamination, crisis, and hope in Uruguay. 2019. 978-0-520-96824-0. Oakland, California. 51–82. English. Chapter 2: This is Not a Game. 1102765674.
19. Socolow . Susan M. . 1966 . Uruguay Today . Current History . 51 . 303 . 270–275 . 10.1525/curh.1966.51.303.270 . 0011-3530. subscription .
20. Jamie . Mezzera . FREE TRADE AND MARKETS BUT ONLY AS LONG AS WAGES ARE UNDER CONTROL: THE CASE OF URUGUAY IN THE 70s . Center for Latin American Development Studies . 52 . July 1982 . 1–6 . 10.22004/ag.econ.263626 .
21. News: Uruguay's Monetary Policy Effective Despite Dollarization . IMF Survey Magazine . 2008-08-28 . March 4, 2012 . Piñón, Marco . Gelos, Gaston .
22. Book: Macroeconomic Implications of Financial Dollarization: The Case of Uruguay . International Monetary Fund . Piñón . Marco . Gelos . Gaston . López-Mejía . Alejandro . 2008 . 2 . 978-1-58906-727-1.
23. http://www.fao.org/faostat/en/#data/QL Uruguay production in 2018, by FAO
24. http://www.fao.org/faostat/en/#data/QC/ Uruguay production in 2018, by FAO
25. Web site: Discover PedidosYa's success story . 2023-10-01 . 2023-11-16 . https://web.archive.org/web/20231116102002/https://landing.simetrik.com/blog/eng/pedidosya-success-case . dead .
26. Cernuischi. F.. González. F.. Morales Demarco. M.. Marmisolle. J.. Conti. B.. Bossi. J.. 2018. Breve historia de la exploración y explotación de recursos minerales y energéticos en Uruguay y perspectivas a futuro. es. Revista de la Sociedad Uruguaya de Geología. 21. Sociedad Uruguaya de Geología. 23 July 2022.
27. 2019-02-22 . Uruguay . IMF Staff Country Reports . en-US . 19 . 65 . 1 . 10.5089/9781484399958.002 . 1934-7685.
28. Web site: Gotusso . Graciela Perez Montero . 1996 . Telecommunications in Uruguay . . New York . 1 . 28 October 2025.
29. Web site: Illa . Martin Rivero . June 2005 . ISS Working Paper Series N° 410. State role on ICTs promotion in developing countries : general patterns and the Uruguayan experience . RePub . The Hague . . 2 . 28 October 2025.
30. Web site: . 2021 . Uruguay Teledensity: Mobile . . 28 October 2025.
31. Web site: Barton . James . 21 January 2022 . Antel invests $152 million in mobile and fixed line operations in 2021 . 28 October 2025.
32. Checchi . Daniele . Florio . Massimo . Carrera . Jorge . March 2005 . Privatization Discontent and Its Determinants: Evidence from Latin America . . 13 . 10.2139/ssrn.721904 . 28 October 2025.
33. Web site: . 21 June 2022 . Uruguay breaks the half-century monopoly of state-owned Antel on Internet service . . 28 October 2025.
34. Web site: . 8 October 2022 . Uruguay moves closer to ending Antel monopoly . BN Americas . 28 October 2025.
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