The official name of this South American nation is the Oriental Republic of Uruguay. With a population of 3,361,000 and an area of 176,000 sq. km. (68,000 sq. mi.), Uruguay is one of the most economically developed countries in Latin America with a high GDP per capita and the 47th highest quality of life in the world. The Unemployment rate in 2008 was below 7.2%.
The economy of Uruguay is based prinarily on trade particularly in exports of agricultural and livestock products. Argentina and Brazil account for nearly half of Uruguay's exports. Agriculture contributes approximately 11% to the country's GDP and is still the main foreign exchange earner.
The country's currency is the Uruguayan Peso and as of July 2000 the exchange rate was US$1.00 for 11.96 pesos.