Tourism Sector
Investment opportunities in Uruguay
February, 2014
Table of Contents
Executive Summary.................................................................................................. 2
1. Why invest in the Tourism Sector in Uruguay? ................................................... 3
2. Major global tourism trends ................................................................................ 4
3. Incoming Tourism in Uruguay .............................................................................. 7
3.1 Cruise Tourism in Uruguay ............................................................................... 10
3.2 Domestic Tourism in Uruguay.......................................................................... 10
3.3 Types of Tourism in Uruguay ........................................................................... 11
4. Impact of tourism on the economic activity and employment ......................... 17
5. Infrastructure and offer of tourist-related services........................................... 19
6. Investments in the Sector .................................................................................. 22
6.1 Developments in Montevideo ......................................................................... 22
6.2 Developments in other areas of the Country .................................................. 24
6.3 Investment opportunities associated with the tourism sector ....................... 27
7. Legal Framework for Investment Promotion and the Sector Regulation .......... 29
7.1 Legal framework for investment promotion ................................................... 29
7.2 Sector Regulations ........................................................................................... 30
8.
Institutional framework ................................................................................. 32
8.1 Ministry of Tourism and Sports ....................................................................... 32
8.2 Other Institutions ............................................................................................. 34
9. ANNEX ................................................................................................................ 35
9.1 Uruguay in synthesis (2013)............................................................................. 37
Main economic indicators 2008-2013 ........................................................................ 37
Tourism in Uruguay
Executive Summary
Tourism is becoming an increasingly
significant productive activity worldwide.
It is estimated that tourism represents
both directly and indirectly 9% of the GDP
and 6% of worldwide total exports (2012).
A strong growth of the activity has also
been observed in Uruguay over the last
years, which is reflected on the numerous
investment opportunities that have arisen
in its different sub-sectors.
According to Ministry of Tourism and
Sports (MINTURD for its acronym in
Spanish), the 2.8 million tourists that
visited the country in 2013 have spent US$
1,878 million. Even as expenditure fell by
7.8% with respect to 2012, the number of
tourists, and the revenue for tourism were
consolidated at a level that places the
activity as one of the main engines of the
economy.
It is calculated that tourism accounts for
7% of the Uruguayan GDP and it is
estimated that 96,928 direct jobs are
created in activities related to this industry.
Even though the foreign tourists flow has
dropped in recent years, due mainly to the
regional economic slowdown, it is expected
to remain at high levels.
Uruguay offers very attractive natural
conditions for different types of tourism,
all located only a few kilometers away from
each other: the renowned eastern coast
beaches, rural tourism in the interior of the
country, hot-springs tourism on the
western coast, and urban tourism in cities
such as Montevideo and Colonia del
Sacramento.
The national authority responsible for
tourism is the Ministry of Tourism and
Sports. This Ministry has drawn up a
National Sustainable Tourism Plan 20092020 that promotes, in a consensual
manner, various activities, with a stable
legal framework that promotes investment
in the sector through significant tax
exemptions. A Law on Tourism, currently
under study by the Parliament, will order
all the related regulations and will further
prioritize the sector.
The country's infrastructure is constantly
improving in order to provide tourists with
the best services. Examples of these
improvements are the Montevideo Airport
and the Colonia Fluvial Terminal (both
inaugurated in 2009), investments in road
works and all the private undertakings, for
example the strong development of the
hotel infrastructure over the last years. In
turn, these improvements have a multiplier
effect, and create new investment
opportunities in the sector.
The country has a consolidated democratic
system. The three main political parties
have alternated in government, always
respecting the rule of Law with clear and
foreseeable regulations.
A favorable business climate, with fiscal
stimulus for investors and a strong
corporate responsibility, ensure a constant
flow of investments, and guarantee equal
treatment for both national and foreign
investors.
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Tourism in Uruguay
1. Why invest in the Tourism
Sector in Uruguay?
The Uruguayan economy grew at an
average annual rate of 6% between
2005 and 2013, which enabled its GDP
to reach a record high of almost US$
50,000 million.
Foreign investment has reached record
levels, allowing Uruguay to position
itself as the third country with the
highest foreign direct investment (FDI)
reception in South America (5.4% in
terms of GDP).
A consolidated democratic system, in
which the three major political parties
have alternated in Government, always
keeping their commitment with the
rules of the game.
A favorable business climate, a big
social stability, with fiscal stimulus for
the investor, and a strong corporate
responsibility.
Uruguay has a comprehensive legal
framework which provides for the
amplest guarantees and clear rules, and
grants attractive incentives to investors.
Particularly, Law No. 16,906 on
Investment Promotion and Protection
enacted in 1998, and currently
regulated by decree 002/012, provides
for an attractive investment system in
Uruguay. Foreign investment is granted
by law the same treatment as national
investment.
In addition, there are also specific
regulations for the promotion of the
tourism sector (decree 175/003) and a
specific investment promotion regime
for Condo-Hotels (decree 404/010 and
059/012).
Tourist activity in Uruguay has reported
an exceptional dynamism over the last
years. The number of foreign tourists
has been growing steadily and
surpassed 2.8 million foreign visitors in
2013. Together with the strong growth
of domestic tourism, it has positioned
tourism as one of the main productive
activities in the country, with a 7% of
the GDP.
The country offers very attractive
natural conditions for different types of
tourism, all located a very few
kilometers away from each other. In
addition to the traditional sun-andbeach tourism and urban tourism,
visitors can also enjoy the tourism of
rural spaces and nature, hot-springs and
leisure, nautical, congress and events
destination, and social tourism, among
others.
The significant advances regarding
infrastructure,
connectivity
and
associated services over the last years
create favorable conditions for tourism
and multiply opportunities.
Beyond the strong increase of
investments in the sector, there still
exist multiple opportunities.
Authorities are continuously working
together with the different private
players with the aim of innovating,
detecting
opportunities
and
weaknesses, and diversifying the tourist
offer.
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Tourism in Uruguay
2. Major
trends
global
tourism
Worldwide tourism has been growing
almost uninterruptedly over the two last
decades. The number of tourists increased
from 529 million in 1995 to 1,035 million in
2012, showing only a slight fall in 2009 due
to the international economic crisis. In the
same way, the revenue generated by
tourism experienced a strong growth, and
reached a record high of US$ 1,075 billion
in 2012, 126% higher than in 20001.
Graph No. 1 - Arrival of international
tourists (millions)
In general, the flow of tourists to all
regions has grown, but mainly to Middle
East, Asia and Africa, which grew at annual
rates of 8.2%, 6.4%, and 6.2% respectively
during the 1995-2012 period.
In 2012 Europe received more than one
half of international tourists (52%),
followed by Asia and the Pacific (23%), the
Americas (16%), Middle East (5%) and
Africa (5%).
Graph No. 2 - Arrival of international
tourists by region (% share of worldwide
total).
52%
57%
Europe
1100
995
1000
1035
30
26.7
25
900
25.5
800
700
677
Africa
5%
4%
Middle East
5%
4%
15
15,3
400
10
1995 2000 2005 2008 2009 2010 2011 2012
World (left axis)
0%
20%
2012
2000
40%
60%
South America (right axis)
Source: Tourism Highlights 2013, UNWTO.
Thus, tourism is becoming increasingly
significant as a productive activity
worldwide. For 2012, it is estimated that
tourism generated both directly and
indirectly 9% of the global GDP; 1 out of 11
jobs, and 6% of worldwide total exports.
In the specific case of South America, the
number of tourists that visited the region
between 1995 and 2012 grew at an
average annual rate of 5%, above the 4%
growth rate worldwide. Revenue from
tourism grew similarly, and reached US$
23.7 billion in 2012.
1
16%
19%
Americas
20
21
600
500
23%
16%
Asia Pacific
920
Source: Tourism Highlights 2013, UNWTO.
In terms of foreign currency income, the
region with the highest receipts in 2012
was Europe (43%), followed by Asia and
the Pacific (30%), the Americas (20%),
Middle East (3%), and Africa (4%).
When considering the origin of tourists,
developed economies have been generally
the main origin countries. Europe is still the
region with the largest number of
outbound tourism, but over the last years,
emerging regions have been increasingly
gaining ground.
Source: Tourism Highlights 2013, UNWTO.
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Tourism in Uruguay
Table No. 1 - Expenditure by international
tourism (US$ billions)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
US$
102
84
84
52
43
37
35
28
28
26
22
22
20
20
20
China
Germany
United States
United Kingdom
Russia
France
Canada
Japan
Australia
Italy
Singapore
Brazil
Belgium
Netherlands
South Korea
Graph No. 3 shows the arrival of
international tourists for the top 10
destinations of international tourism in
2012 (out of the 120 destinations whose
data are processed by the World Tourism
Organization), and to which Argentina,
Brazil, and Uruguay have been added, for
comparison purposes.
Variation 2013 (%)
30.6
1.4
0.4
1.9
28.2
1.6
3.6
-5
-0.7
-2.6
4.1
14.6
24
-1.3
7.6
Uruguay, a country with a small
population, receives a number of tourists
in relation to its population that positions it
fourth on the list, thus showing the relative
significance of tourism for our country.
It is important to point out that Uruguay is
one of the countries of the region which
receives the largest number of tourists in
relation to its population. In fact, it is the
top 1 in South America. The percentage of
tourist arrivals in Uruguay in relation to its
population has experienced a significant
rise. While visitors accounted for 41% of its
population in 2002, they accounted for
80% in 2012. Due to the fact that the
population has remained stable in recent
Source: Tourism Highlights 2013, UNWTO.
Table No. 1 shows tourists expenditure
breakdown for the top 15 origin countries.
It stands out the growth of the expenditure
of tourists coming from emerging
economies such as China, Russia, and
Brazil.
Graph No. 3 – Main countries of international tourist arrivals
(Year 2012, % tourists/country's population)
140%
131%
125%
120%
100%
85%
80%
80%
76%
60%
48%
46%
37%
40%
21%
20%
14%
20%
4%
3%
0%
France
Spain
Malaysia Uruguay
Italy
Turkey
UK
Germany
USA
Mexico Argentina China
Brazil
Source: Uruguay XXI, based on UNWTO and IMF data.
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Tourism in Uruguay
years, this rising behavior represents a
growing trend of the number of tourists
arriving in the country, which constitutes a
strong evidence of the growth of the
tourism sector.
These tourist arrivals represent a direct
receipt of US$ 2,036 million, 4.2% of the
GDP, although it is estimated that tourism
contributes both directly and indirectly
6.9% of the GDP2.
Graph No. 4 - International Tourists
Arrival
in
South
America
(%
tourists/country's population)
80%
Uruguay
59%
20%
Chile
14%
Argentina
Peru
9%
Bolivia
9%
Paraguay
9%
2012
Ecuador
8%
2000
5%
Colombia
Brazil
3%
Venezuela
2%
0%
20%
40%
60%
80%
Source: Uruguay XXI, based on UNWTO and
IMF data.
2
See Section 4.
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Tourism in Uruguay
3. Incoming Tourism in
Uruguay
Tourism activity in Uruguay has shown an
exceptional dynamism in recent years. The
number of tourists has been growing
steadily since 2008, until achieving in 2011
the historic record of 3 million people.
Revenue from tourism has tripled in the
last 5 years, also reaching a record high of
US$ 2.19 billion in 2011.
In 2012 and 2013 there was a slight fall of
tourist arrival and of their expenditure,
although they remained at historically high
levels. This was a consequence of the
weakening of the economies in the region,
in addition to the foreign exchange
restrictions in Argentina, and the more
expensive prices in dollars with respect to
the region.
Graph No. 5 - Arrival and Expenditure of
international tourists in Uruguay (millions
of visitors and millions of US$)
3.5
2,203
3.3
3.1
1,878
2.9
1,509
2.7
1,051
2.3
2.8
2.0
When analyzing specific destinations,
Montevideo is the most visited destination
by foreign tourists, followed by Punta del
Este (see Graph No. 6). The most dynamic
destinations in the past five years have
been Colonia and the coast of Rocha.
Colonia is a particularly important
destination. Due to its proximity with
Buenos Aires, it is an attractive destination
for Argentinians, and at the same time a
strategic point to capture the foreign
tourists that visit the Argentinian capital.
The visitors' total expenditure in 2013 was
US$ 2,036 million. Punta del Este is the
main destination with 39% of total
expenditure, followed by Montevideo with
25%.
Graph No. 6 - Visitors by destination
(2013, %)
1,750
Otros
6%
2.8
Transit
4%
1,250
2.4
809
1.9
1.7
3.0
1,321
2.5
2.1
2,250
2,036
(the "Golden Coast"), Colonia, the hill
ridges, and the Eastern coastline. The
Eastern coastline comprises the Ocean
coastline resorts of the departments of
Maldonado and Rocha, and is the most
visited area (32%).
2.1
750
1.8
1.5
Costa de
Oro
4%
Colonia
10%
Punta del
Este
22%
250
2007
2008
2009
2010
Number of tourists (left axis)
2011
2012
2013
Total expenditures (right axis)
Source: Uruguay XXI based on MINTURD
[Ministry of Tourism and Sports - for its
acronym in Spanish].
Besides Montevideo, the country's capital
city and an outstanding tourism
destination, Uruguay has five main tourist
areas: the thermal coastline, Costa de Oro
Piriapolis
4%
Thermal
coastline
17%
Montevideo
27%
Rocha's
coastline
6%
Source: Uruguay XXI based on MINTURD.
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Tourism in Uruguay
Graph No. 8 - Tourism Areas in Uruguay
Source: Digital Map of Uruguay - Uruguay XXI.
Average length of stay in days per
person, according to the type of
accommodation and main destination
In 2013, the average stay of tourists was 6
days. The 1,047,435 visitors that chose
hotels (37%) stayed for an average of 4.7
days, while the 1,460,815 visitors that
chose houses (52%) stayed for an average
of 6 to 10 days, depending on whether
they stayed at a family or friends house or
in rented houses. (See Annex, Chart No. 1).
Graph No. 7 - Expenditure of visitors by
destination (2013, %)
Punta del Este
39%
Montevideo
25%
Thermal coastline
7%
Rocha's coastline
6%
Colonia
6%
Piriapolis
The majority of the tourists that visited the
country in 2013 reside in Argentina (59%),
Brazil (14%), and Europe (5%). A large
number of North Americans, Chileans, and
Paraguayans also visited the country. (See
Annex, Chart No. 2).
Visitors by purpose of travel
Even though most visitors claim they travel
for recreational purposes or to visit friends
or family (82%), there is also a percentage
that travels for business or professional
reasons (7%), attendance to congresses,
seminars or studies (0.7%) and for health
reasons. (See Annex, Chart No. 2).
Expenditures per person and per day
according
to
the
type
of
accommodation
4%
Costa de Oro
3%
Other
2%
Transit
Origin of tourists that visit Uruguay
0%
Source: Uruguay XXI based on MINTURD.
The total expenditure per person per day
was in average US$ 112 in 2013, but this
figure rose to US$ 162 per day for those
who stayed at hotels, and to US$ 115 per
day for those who stayed in their own or
rented homes (average between both). The
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Tourism in Uruguay
expenditure per person per day according
to the destination amounts to US$ 159 for
Punta del Este, US$ 116 for Montevideo,
and US$ 71 for the Thermal Coastline.
Expenditure of visitors per category
In 2013 tourism total expenditure of US$
1,878 million was broken down according
to the following main categories:
accommodation (30%), food (28%),
shopping (11%), and transportation (8%),
among others.
Outlook for 2014
According to preliminary data submitted by
the MINTURD, the number of tourists that
arrived in the country in January 2014 fell
by 9% with respect to the same period the
previous year. The drop of the tourist flow
was due to a great extent to the drop of
Argentinian visitors (16% in January), since
they had restrictions to obtain foreign
currency and a foreign exchange rate
relation that did not benefit them for
consumption abroad. This fall was
compensated to a certain extent by a
larger arrival of Brazilians (30% with
respect to last year January). An effort is
being made so that the flow of Chilean
tourists and domestic tourism can
compensate the downfall of the first
month of the year.
Therefore, it is expected that the flow of
tourists during 2014 will remain relatively
constant. According to private estimations,
an additional downfall of Argentinian
visitors would be compensated by a larger
inflow of Brazilian and other nationalities
tourists3.
3
Temporada
turística
2013-2014
más
esperanzadora, CINVE, Octubre 2013. [2013-2014
Tourist Season more promising - CINVE,
October 2013].
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Tourism in Uruguay
3.1 Cruise Tourism in Uruguay4
million and in Punta del Este US$ 8.52
million.
Cruise season extends each year from
approximately October to April. During the
2012-2013 season, 223 cruises arrived to
Uruguayan coasts (122 to Montevideo and
101 to Punta del Este). Since 2008, the
trend was for Punta del Este to be the main
destination of cruises, outnumbering the
port of Montevideo. However, this last
season the situation was the opposite, with
Montevideo receiving 55% of cruises.
In the 2012-13 season 411,936 people
disembarked, mostly Brazilians (47%) and
Argentinians (29%), although we also
received tourists from North America
(11%), Europe (7.6%), the rest of the
Americas (1.9%) and of other nationalities
(See Annex, Chart No. 4).
The total expenditure of tourists from
cruises in Uruguay during the 2012-13
season was US$ 18.9 million, with an
average per capita of US$46. In
Montevideo, the expenditure was $ 10.38
When classifying the expenditures by
category, shopping accounted for 57%,
food 24%, tours 8%, transportation 3%,
and other expenses 8%.
As for the 2013-2014 season, the outlook is
positive. It is expected that between 240
and 250 cruises will arrive in Uruguay, with
more than 400,000 visitors between the
crew and the passengers, and depending
on the weather conditions.
3.2 Domestic Tourism in Uruguay
Due to the strong economic growth
experienced by Uruguay over the last years
-that entailed a significant rise of wages
and real income- domestic tourism has also
substantially grown.
The total number of domestic tourism trips
in 2012 was 9,082,883 with an associated
expenditure of US$ 827 million5.
Graph No. 9 - Number of Arriving Cruises per season, according to the port of destination
No. of cruises
225
223
106
101
220
200
180
165
166
179
171
160
130
140
120
68
99
100
80
86
96
95
50
34
60
40
20
65
80
98
79
83
76
119
122
2005-2006
2006-2007
2007-2008
2008-2009
2009-2010
2010-2011
2011-2012
2012-2013
0
Montevideo
Punta del Este
Source: Uruguay XXI based on data from MINTUR
4
Source: http://www.turismo.gub.uy/
5
Source: Yearbook 2013, MINTURD.
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Tourism in Uruguay
3.3 Types of Tourism in Uruguay
The most important type of tourism in
Uruguay is associated with the sun and the
beach; the Eastern coast of the country
concentrates nearly 40% of the visitors6.
The fine sands and the waters suitable for
bathing during the summer season, along
with the maritime landscape, the
hospitality of their people, and the
security, are some very attractive features
of Punta del Este and of some other
locations on the Atlantic coast in the
departments of Maldonado and Rocha,
where real estate investments are
concentrated.
The capital cities of Montevideo and
Colonia concentrate most of the urban
tourism, with a very varied hotel offer that
has been strongly growing over the last
years7.
In addition to these two types of tourism,
the country offers a wide range of
opportunities for the development of
tourism activities. Some of these types are
described below.
Rural and Nature-oriented Tourism8
Rural and nature-oriented tourism has
been developing during the last ten years,
making good use of the natural advantages
of the productive establishments in the
interior of the country to provide
amusement and leisure.
Rural tourism service providers
regulated by Decree 371/029.
6
At present there are 141 rural tourism
establishments10, out of which 30 are
located in the department of Maldonado,
19 in Colonia, 14 in Rocha, and the rest are
spread over the rest of the departments.
There is a higher concentration within a
range of 300 km from Montevideo.
Characterization of rural and natureoriented tourism offers
1. Countryside Hotel Contact with
nature but with the comfort of a hotel.
Very good service standard, but with a
touch of rusticity. Possibility of other
extra activities. Offers all-inclusive
accommodation and service.
2. Tourist Ranch. Point of contact with
the past and history, as well as with
ranch traditions. Characterized by
excellent host families and personnel,
who let you take part in the farm work.
Comfortable, homely atmosphere.
Livestock or agricultural production
establishment. All inclusive services
and a "day in the countryside".
are
See page 7 of this report
See sections 6 and 7.
8
Based on a study conducted by STI-MINTURDSUTUR-CEADU (2009).
9
Decree 371/02
3. Countryside Inn. More modern
infrastructure, adapted to tourism
activities. Comfort and good standard
of services. In some cases, service is
7
10
As per data of the MINTURD Tourism Operators
Register as of 20-Feb-2014.
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Tourism in Uruguay
provided by the host family. Activities
depend on the area and on the line of
business of the establishment. They
offer accommodation, all inclusive
services, and a "day in the
countryside".
4.
conditions or being subject to a specific
time of the year. Thus, it breaks with the
seasonality to which other types of tourism
are subject, such as the sun and beach one.
Tourist Farms. Small properties
focusing on farm activities and
gastronomy. May or may not be
attended by the host family. Farm’s
own products used for consumption
and sale. Offer “a day in the
countryside” and an authentic country
restaurant.
5. Countryside House. A concept that
encompasses all the cases not included
in the above types. Without
accommodation. Leisure activities and
gastronomy. They offer a "day in the
countryside" and a restaurant.
Hot-Springs and Relaxation Tourism11
The western coast, next to the Río Uruguay
(Uruguay River), features the facilities built
around hot springs.
On the Western coast of Uruguay there is
an area with six hot-springs centers where
important investments have been made.
These centers have pools of different
dimensions, and hot springs with
temperatures reaching 44°C, coming from
the Guarani Aquifer. Surrounding the hotspring
centers
there
are
urban
developments with hotels, bungalows,
motels, restaurants, tennis courts, health
centers and forest and recreational parks.
This type of tourism has experienced a
strong growth in recent years, and it stands
out for not depending on the weather
From North to South we find the Arapey,
Salto Grande, and Daymán Hot Springs
(Department of Salto), and San Nicanor,
Guaviyú and Almirón Hot Springs
(Department of Paysandú).
Section 6.2 describes the recent
investments in the Western coast area,
where a very complete hotel offer has
been developed.
Uruguay as Congress
Destination12
and
Event
Congress tourism is becoming increasingly
relevant at a global level, doubling the
number of events each year in the last
decade, surpassing the 11,000 meetings in
2012. This tourism is composed of the
revenues generated by congresses,
conventions, incentive trips, exhibitions
and trade fairs.
Uruguay is increasingly becoming a
destination for congresses and events.
According to the ranking published by the
International Congress and Convention
Association in 2012, Uruguay ranked No.
44 in the list of 109 countries, having
12
11
Source: MINTURD.
Source: Ministerio de Turismo y Deporte de
Uruguay [Ministry of Tourism and Sports of Uruguay]
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Tourism in Uruguay
improved 3 positions with respect to the
previous year. With 56 congresses carried
out, it is positioned in the sixth place in
Latin
America.
Regarding
cities,
Montevideo attracts more than 75% of the
events, with Punta del Este in second
place13.
This position is also reflected on the
evolution of the revenues generated by
congress tourism. According to the
estimations of the Uruguayan Association
of Congress Organizers, the country
received revenues for US$ 130 million by
concept of congresses in 2013, 62% above
previous year.
With the objective to further develop this
area, the Government has been carrying
out various support programs to attract
international events, offering tax benefits,
such as the exemption from VAT in the
reservation of conference rooms. On the
other hand, the Government made a call to
tender in the first half of 2013, under the
regime of public-private partnership, for
the construction of the Convention Center
and Trade Fairground in Punta del Este. An
investment of US$25-30 million is foreseen
in a center with a capacity of up to 2,600
people in its main hall, and 3,800 in total,
in a 15-hectare property14. Four proposals
for the construction of the center and two
for its management are being currently
evaluated.
The Municipality of Montevideo has
recently signed an agreement with the
government-owned telecommunications
company ANTEL for the construction of a
sports complex, ANTEL Arena, which may
include a convention center and a trade
13
International Congress and Convention
Association, www.iccaworld.com.
14
Source: National Development Corporation.
fairground. In February 2014 ANTEL
reached an agreement with the NBA, which
will advise them on the construction and
the logistic aspects of the project15.
Furthermore, in March 2014 a new
convention and congress center with a
capacity for more than 1,000 people will be
inaugurated in the area known as Kibon, in
the Rambla [avenue that goes all along the
coastline] of Montevideo.
Language Tourism
Language tourism consists in teaching
Spanish
to
foreigners,
on
the
understanding that one of the ways to
learn a language is to go directly where
that language is spoken and spend there a
period of time.
Uruguay, through the Language Tourism
group, has begun to carry out activities
with the objective of positioning the
country as an attractive destination in this
field, and thus become part of this new
trend, increasingly developing worldwide,
that takes advantage of the fact that more
and more people are choosing Spanish as
their second language, after English. Our
country offers the attractive possibility of
learning Spanish in a natural and culturally
rich environment all year round.
At present, the Language Tourism Group
has as member schools the Academia
Uruguay, Casa do Brasil, Institute of
Foreign Languages, and International
House, which offer courses of Spanish as a
second language (ELE for its acronym in
Spanish), and have as their common
objective to ensure the quality of the
product offered, for which common
parameters have been agreed upon,
15
Source: Antel.
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Tourism in Uruguay
dealing with aspects such as conditions and
requirements of the institutes that teach
Spanish as a foreign language, training and
experience of the teachers, types of
courses and certificates, among others16.
Nautical Tourism
17
It is understood as nautical tourism any
tourism activity that has as its main
purpose the undertaking of recreational or
sports activities, at sea, rivers, streams, or
lakes. This type of tourism is becoming
increasingly important within the context
of global tourism. The success this type of
tourism is having worldwide lies in the
diversity of its activities and the possibility
to combine it with an active and sports
tourism, in contact with nature.
Nautical tourism comprises, among others,
the following types:
Tours and excursions in recreational
vessels.
Recreational navigation with one's
own vessel
Nautical charters: vessels rental
Fishing
Marine and /or fluvial wildlife viewing
Sports activities associated with the
use of nautical vessels:
diving,
windsurfing, surfing, rafting, rowing,
sailing, etc.
The country has a National Fluvial Nautical
Tourism Plan developed in 2009, whose
main objective is to position Uruguay as a
reference destination of nautical tourism in
the Southern Cone, through various actions
16
Information taken from the Language Tourism
Portal: www.eleuruguay.com/index.php
17
Information taken from Ministry of Tourism and
Sports: http://www.turismo.gub.uy/
such as:
investment in infrastructure
(marinas, nautical centers, and river
stations), promotion, and adjustment of
the current regulation, among others18.
In February 2014 the final results of a
consultancy about "Legal Assistance in
Maritime Law regarding Nautical Tourism"
were presented; it had been entrusted to
CSI Ingenieros with the aim of evaluating
the necessary changes necessary to be
made in the regulations for the
development of the sector.
Nautical tourism is a strong tool to attract
tourists and investors to the country. This
type of tourism has the capacity to create
"economic environments". Even though
these tourists do not make use of
accommodation, and only pay the mooring
fees in the different ports, they generate
revenues through the rest of their
expenses, and their main function is to
create a pleasant climate for prospective
tourists and investors. Tourists enjoy this
climate and recommend it to traditional
visitors, which, in turn, create a good
image of the country for a public with a
high socioeconomic status.
According to the Ministry of Transport and
Public Works, from 2008 to 2012 more
than US$ 10 million have been invested
annually in these ports. Such is the case of
the port of Carmelo City (Colonia), in which
one million dollars were invested for its
recovery. The visitors received related to
this type of tourism in 2012 were
approximately 182,500.
18
Available at:
http://www.turismo.gub.uy/index.php/esES/informacion/publicaciones/item/2160-plannacional-de-turismo-n%C3%A1utico
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As part of the development strategy of the
sector, the National Industry Office is
evaluating the purchase of six vessels for
nautical tours.
Nature-Related Tourism19
Nature-based tourism, in its different
varieties, is a tourism type that has become
increasingly important in our country over
the last decades. Uruguay offers a wide
range of natural landscapes, a few
kilometers away from its main populated
areas. There is a National System of
Protected Areas (SNAP) whose main
objective is to preserve zones representing
the country's biodiversity, such as the
Farrapos wetlands, on the Río Uruguay; the
Quebradas del Norte and the Quebrada de
los Cuervos (Ravens Creek), close to the
border with Brazil; the Rocha lagoon, Cabo
Polonio and Cerro Verde, in the ocean
coastline, and Chamangá in the middle of
the country, with its cave paintings. The
SNAP includes areas representing the
natural environment of Uruguay, such as
rivers, hills, forests, wetlands, grasslands,
streams, and marine, coastal and island
areas, as well as the cultural values
associated with them.
It is worth highlighting, also within the
SNAP, the "Grutas del Palacio" [The Palace
Caverns], which, since 2013, have become
part of UNESCO Global Network of
National Geoparks20.
19
Source:
Ministry
of
Uruguay is increasingly being established
as a friendly destination, where tourists
find a specialized offer, quality services,
and an advanced legislation which focuses
on the respect for diversity.
In Montevideo in particular, and within the
Montevideo Tourism Conglomerate, a
group of private ventures directly related
to the LGBT [Lesbian, Gay, Bisexual, and
Transgender] community are in charge of
coordinating and promoting the different
tourism offers related to this segment.
Social Tourism22
With the purpose of making accessible to
the largest possible number of people the
enjoyment of the best tourism places
within the national territory at affordable
prices, the Ministry of Tourism has
implemented, since mid-2006, the National
System of Social Tourism.
This program is a joint effort of various
public
and
private
players,
and
organizations of the civil society. It is
addressed to those who usually do not
exert their right to tourism: elderly people
and low-income workers, young people
beneficiary
of
dependent
children
allowance, students of public education
centers, among others.
Through this program, the beneficiaries
can have access to various quality tourism
offers, at very good prices, and with the
possibility of financing the cost. In turn,
this promotes the development of
Tourism,
http://www.turismo.gub.uy/index.php/esES/opciones-turisticas-uruguay/ecoturismo
20
Friendly Tourism21
http://www.unesco.org/new/es/naturalsciences/environment/earth-sciences/globalgeoparks/
21
Source:
Ministry
of
Tourism,
http://www.turismo.gub.uy/index.php/esES/opciones-turisticas-uruguay/uruguay-friendly
22
http://www.bps.gub.uy/6385/turismo_social.html
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domestic tourism, with the movement of a
large number of people.
In 2013, 60,000 people traveled with this
type of tourism. The MINTURD has allowed
5,000 people to travel through formal (15year-olds, domestic workers, rural workers,
and pensioners) and informal (those which
are not organized by the MINTURD but
request them transportation and tourist
guides) programs. Through the Social
Security Bank (BPS for its acronym in
Spanish) 25,000 retired people and
pensioners were able to vacation in their
Raigón and Las Cañas colonies, at the UTEAntel Vacation Resort, and at the
Argentino Hotel in Piriápolis. In turn, and
within this program, 30,000 students and
teachers of the Public Education National
Administration (ANEP) have also been able
to travel.23
23
Source: La República, 19-Jan-2014.
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4. Impact of tourism on the
economic activity and
employment
The tourism industry comprises a set of
heterogeneous activities destined to
provide the visitors with a series of
products and services. In that sense, it
encompasses many economic sectors,
implies the linking of different activities
(transportation, accommodation, food,
entertainment, etc.), and has therefore a
wide spillover effect on the whole
economy and on employment.
In this way, the expenses incurred by
tourists, either residents or foreigners,
have a multiplier effect on the economic
activity. With the Tourism Satellite
Account, developed by the MINTURD, it is
possibly to quantify the impact of this
activity on the national economy and to
know its evolution.
As it can be observed in Graph No. 10,
since 2005, the participation of tourism in
the total value added of the economy has
had its ups and downs, but within a
growing trend. For 2013, it is estimated
that tourism represents 6.9% of the
Uruguayan GDP. Measured in current
dollars, it implies a value of about US$
3,500 million.
Graph No. 10 - Participation of tourism in
the Uruguayan economy (%
GDP)
8.0%
7.4%
6.9%
7.0%
6.4%
6.0%
5.0%
4.0%
2005
2007
2009
2011
2013
Source: Uruguay XXI based on MINTURD.
No information from national accounts is
available regarding the Gross Capital
Formation in the sector. However,
according to the data of projects promoted
under the Investment Promotion Law, the
investment in the tourism sector has
strongly grown over the last years24.
Another way of measuring the impact of a
specific activity on the national economy is
through its job generating capacity.
Tourism is, particularly, a very labor
intensive activity.
According to MINTURD estimations, in
2012, 96,928 tourism related jobs were
recorded, which account for 5.6% of the
jobs generated in the economy as a
whole. This is a rather conservative
estimation, since it includes only those jobs
directly related to tourism, and not those
indirectly associated, such as the
construction25.
24
25
See Section 6.
Source: Yearbook 2013, MINTURD.
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Most of the tourism-related jobs generated
in 2012 were in the accommodation, food,
and transportation sectors (see chart No.
2).
Chart No. 2 – Tourism-related jobs by activity (Year 2012)
Accommodation
Restaurants, bars, and cafeterias
Transportation
Financial services
Transportation and recreational goods rental
Travel agencies and complementary activities
Cultural services
Sports and recreational activities
Miscellaneous tourist services
Total
Jobs
16,172
39,111
23,426
1,227
1,348
3,888
1,512
5,115
5,129
96,928
%
16.7%
40.4%
24.2%
1.3%
1.4%
4.0%
1.6%
5.3%
5.3%
100%
Source: Uruguay XXI based on MINTURD [Ministry of Tourism and Sports - for its acronym in Spanish]
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Tourism in Uruguay
5. Infrastructure and offer of
tourist-related services
In this section, we will analyze the
advances in terms of infrastructure,
connectivity and associated services that
generate favorable conditions for tourism.
Carrasco International Airport, the
country's main port of entry, was
inaugurated in 2009, and is internationally
recognized for its design, its functional
nature, and its services26. In terms of
connectivity, the air routes MontevideoParis and Montevideo-Madrid have been
recovered27. Furthermore, investments for
an average of US$1.5 million annually were
made between 2012 and 2013 by the
MINTURD with the aim of promoting the
country in European capitals. It is worth
highlighting the improvement of the river
trips between Montevideo-Buenos Aires
with the new catamarans existing
nowadays, which improve the service
quality and the speed of the trip.
Regarding infrastructure, in 2010 the
construction of Montevideo's belt highway
was finalized, with an investment of US$ 80
million. This belt highway was created not
only with tourist purposes, but has given
excellent results to the tourists arriving at
Carrasco International Airport who are
heading eastwards, since they do not have
to enter the capital city, thus smoothing
the flow of traffic towards the main seaside
resorts. On the other hand, in 2013, US$ 44
26
The airport was included among the four finalists
of the Frontier Awards 2011, and won an award for
its architectonic design as the best airport in the
world, according to Architizer A+ Award 2013.
27
In this way, it was possible to recover the
connectivity that had been lost in April 2013 when
the Spanish airline Iberia canceled its route
Montevideo-Madrid.
million were invested in maintenance
works of the Ruta Interbalnearia which
communicates the capital city and the
main seaside areas, and is now in optimal
conditions.
Furthermore, several other works of
different types have also been carried out.
For example, Punta del Este has finished
the resort sanitation works, with a cost of
US$ 96 million, thus providing a better
service to this tourist destination, and
further transforming the resort in one of
the best destinations in the continent.
Maldonado will also carry out the largest
infrastructure work in recent years, with
the construction of the Aparicio Saravia
Axis, which will aim at reducing the
seasonality, creating jobs and diversifying
the department's economy. This project
will include the construction of a new bus
terminal, a university campus, a
convention center and a trade fairground,
as well as the remodeling of the Jagüel
Park, among other sanitation and
landscaping road works.
Other works carried out in the department
of Maldonado were Punta del Este's port
improvement, with the standardization and
renovation of the shops surrounding it.
Other sports ports such as Carmelo port
also received investments for repairs and
expansion; furthermore, in the same
department of Colonia, the BIT (Welcome,
Interpretation, and Tourism) Center was
inaugurated in 2011 in Colonia del
Sacramento, with the aim of receiving
tourists and providing better services,
which undoubtedly create a very pleasant
climate for tourism.
At present, the government is repairing old
infrastructures, and is, at the same time,
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Chart No. 3 – Hotels in Uruguay (2013)30
investing
in
prospective
tourist
destinations, and in other already
consolidated, with the purpose of
promoting or increasing tourism, thus
generating an economic environment that
has not been exploited to its full capacity
yet. Examples of such cases are the Puerta
del Polonio [Door to Cabo Polonio], the
terminal to enter Cabo Polonio resort,
inaugurated in 201228.
Over the last years, and in accordance with
the growth experienced by the sector, the
hotel offer has substantially increased,
both in the number of beds available and in
their quality, since there are now 12 fivestar hotels29.
In Uruguay there are a total of 476 hotels,
concentrated in Maldonado (33%),
Montevideo (18%), Rocha (12%), and
Colonia (8%).
It is also worth highlighting the
development of ventures in the rest of the
country, which have enabled to expand the
hotel offer to locations where it was quite
limited before (see section 6.2).
Stars
Hotels
Rooms
No. of
beds
*****
12
1,383
2,541
****
38
1,896
3,868
***
142
4,524
10,371
**
95
2,600
6,184
*
52
1,069
2,146
Without
rating
137
3,708
8,889
Total
476
15,180
33,999
Source: Uruguay XXI based on MINTURD .
There is also an increasingly wide offer of
hostels, particularly in the eastern area of
the country (Maldonado and Rocha).
The MINTURD Register of Tourist
Operators also gathers information about
other players in the sector. In particular, it
is important the role of real estate
agencies, which act as intermediaries
between private agents offers and national
and foreign tourists. There are a total of
627 registered real estate agencies, mostly
in the departments of Maldonado (68%)
and Colonia (10%).
In recent years, duty-free shops and border
shops, dedicated to the sale of consumer
goods mainly to foreigners, have become
increasingly important. The former are
located in the country's main points of
entry and exit (airports, ports, and border
crossings) and the latter in cities on the
border with Brazil.
28
29
See http://puertadelpolonio.com.uy/
Data from the Tourist Operators Register of the
Ministry of Tourism are used in this section. The
"without rating" category includes establishments
that, even though they have 5, 4, and 3 stars
characteristics, have not requested the official
certification yet or have their categorization
underway.
Ninety-six border shops operate along the
border with Brazil, in the cities of Artigas,
Aceguá, Chuy, Río Branco, and Rivera. In
30
Source: MINTURD, data as of 31-Nov-2013
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2012, they invoiced US$ 489 million, and
generate 3,500 direct jobs.
Driven also by the domestic market
growth, big commercial centers (known as
"Shopping Malls") have also grown in
number and size. Two of these centers
were inaugurated during the last year in
Montevideo ("Nuevo Centro Shopping")
and Canelones (“Costa Urbana Shopping”),
and another commercial center is currently
under construction in the border city of
Rivera (“Melancía Rivera Mall &
Freeshop”). This new infrastructure is also
used by tourists for walking around and
shopping.
Chart No. 4 – Hotels in Uruguay by Department
Stars
Maldonado
Montevideo
Rocha
Colonia
Salto
Paysandú
Canelones
Rest of
the
country
*****
****
5
11
3
12
3
3
5
1
1
3
-
3
12
38
***
68
16
18
13
8
2
5
12
142
**
30
15
12
8
5
4
6
15
95
*
Without
rating
7
17
3
4
3
3
4
11
52
36
25
23
4
20
4
5
20
137
Total
157
88
59
37
38
16
20
61
476
Uruguay
Source: Uruguay XXI based on MINTURD [Ministry of Tourism and Sports - for its acronym in Spanish]
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Tourism in Uruguay
6. Investments in the Sector
An estimate of the investments made in
the sector come from assessing the
projects that were submitted before the
Commission for the Application of the
Investment Promotion and Protection Law
16,906 (COMAP), with the objective of
applying for the tax benefits granted by
Decree
2/012,
and
that
were
recommended for approval by the above
Commission.
In this way, investments related to the
tourism sector have recorded a continuous
growth in recent years, and have reached
US$ 310 million in 2012, associated with 60
projects.
On the other hand, promoted investments
reached US$ 144 million in 2013, with a
total of 42 projects.
The activities comprised by these projects
include construction, refurbishing and
expansion of hotels, inns, condo-hotels,
construction of convention centers,
shopping malls, among others.
Graph No. 11 - Investment Projects
submitted to COMAP - Tourism Sector
350
70
310
300
60
274
250
50
186
200
40
144
150
100
20
67
62
39
50
30
10
12
0
0
2006
2007
2008
Mill. US$ (left axis)
2009
2010
2011
2012
2013
No. of proyects (right axis)
Some of the sector's most important
investments during the last year are
mentioned below, classified by geographic
location.
6.1 Developments in Montevideo
Some of the main hotel developments in
Montevideo are listed below.
Regency Group Hotels31: The Regency
Group invested in Uruguay approximately
US$ 14 million in its four hotels. The first
link of the chain has been operating since
1998, the Regency Suites Hotel; the
Regency Golf - Urban Hotel, with over 65
rooms; the Regency Zonamerica - Hotel de
Campo- was inaugurated in 2010, and
required an investment of US$ 6.5 million;
and the most recent one, the Regency
Rambla, opened its doors in October 2011,
with an investment of US$ 3.5 million. The
fifth hotel of the chain is expected to open
its doors in autumn 2014, with 176 rooms,
in Montevideo new business area, next to
the World Trade Center.
Sofitel Montevideo Casino Carrasco and
Spa32. Montevideo Municipality awarded
the refurbishing and 30-year concession of
the Hotel Casino Carrasco to a consortium
led by the Spanish group Codere, together
with the Argentine company AGG, other
international investors, and the Sofitel
hotel operator, premium brand of the
French chain Accor. Inaugurated in March
2013, with an investment of over US$ 70
million, this 5-star hotel has 116 luxury
rooms, out of which 23 are suites; it also
features restaurants, convention rooms,
and other business services.
Source: Uruguay XXI based on COMAP
31
32
Source: www.regency.com.uy
Source: El Observador newspaper, 03-Sep-2013.
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Aloft Montevideo Hotel33: Starwood
Hotels & Resorts Worldwide, the hotel
company owning the Sheraton Montevideo
and the Sheraton Colonia, plans to
inaugurate in 2015 an Aloft brand hotel,
with 100 loft-like rooms, and 2,267 square
meters of meeting space; it will be located
in downtown Montevideo business area.
Pestana Montevideo Hotel34: Pestana,
the main Portuguese hotel chain, plans to
start refurbishing, in February 2014, the
"Jockey Club de Montevideo", an
emblematic building of the city's
architectural heritage, to turn it into a 112room hotel.
Hilton Garden Inn35: the first hotel of the
Hilton Worldwide chain in Montevideo. It
will be located in the Montevideo Shopping
area, will require an investment of US$ 30
million, and will feature 17 floors and 168
rooms. It is expected to be inaugurated by
the end of 2014.
In recent years, Uruguay has begun to
participate in the worldwide phenomenon
of Condo-Hotels, a well known business
model developed in Europe, the United
States and some countries in the region
such as Argentina. This activity has been
promoted since 2010 by Decree No.
404/010 (see section 7.1) with 1,000 rooms
already available in Montevideo. This real
estate modality combines the legal regime
of condominiums with hotel and
accommodation services, offering different
benefits to the investor.
Smart Montevideo Hotel36: Condo Hotel,
currently under construction. It is located
in Las Artes neighborhood, and managed
by Tay Condo & Hotels Management, an
Argentine chain specialized in condo
hotels. The Smart Hotel project consists of
12 floors and 65 rooms. Its facilities will
feature a gym, a restaurant, a jacuzzi,
parking garages, offices and meeting
rooms. The investment is estimated in US$
5 million and its inauguration is expected
for 2014.
Vivaldi Condo Hotel: A 4-star condo
hotel, located in Punta Carretas
neighborhood. It will have 94 fullyequipped apartments, a meeting room, a
cafeteria, an outdoor swimming pool,
solarium, sauna, and a gym. Works are
expected to be completed in autumn 2014.
Dazzler Tower Montevideo37: Superior
4-star condo hotel, belonging to the
Argentine Fën group. The hotel will have
260 rooms and 18 apartments on the
upper floors. Recently inaugurated, it
features 550 beds, and has thus become
one of the hotels with the largest capacity
in the city.
Esplendor Artigas Montevideo38: A
Condo Hotel located in Punta Carretas
neighborhood belonging to the Argentine
Fën group and designed by Architect Carlos
Ott. It will have 280 fully furnished rooms,
a convention center, three restaurants,
business premises and an underground
commercial parking. Works are expected to
be completed by the end of 2014.
Below are some of the main Condo-Hotel
ventures in Montevideo:
36
33
Source: www.starwoodhotels.com y Diario El
Observador 06/11/2013.
34
Source: El Observador newspaper 21-Aug-2013.
35
Source: El País newspaper, 09-Mar-2013.
Source: El País newspaper 04-Feb-2012 and
www.smarthotelmontevideo.com
37
Source: www.dazzlertowermontevideo.com
38
Source: Diario El País 11/07/2013 y
www.esplendorartigas.com
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Hyatt Montevideo: A Condo Hotel with
190 units, located in Pocitos Rambla. It is
being built on a 24,500 m2 property with 13
floors, and it will feature top-class
apartments with 6-star hotel services
category and the best amenities. It will be
managed by the Hyatt international hotel
chain. The investment will amount to
about US$ 40 million and completion of
works is expected for the end of 2015.
6.2 Developments in other areas
of the Country
Hotel developments in the rest of the
country have also shown an important
growth, mainly in the departments of
Maldonado (Punta del Este and José
Ignacio), Colonia, Salto, Paysandú, and, to a
lesser extent, Rivera.
Developments in Punta del Este and
José Ignacio
Punta del Este and José Ignacio are seaside
resorts where tourism concentrates during
the summer months, thus producing a
strong real estate movement during the
summer season. Tourists in these resorts
are mainly foreigners. Seventy percent of
buildings in these resorts are meant for
tourists, either as summer houses, houses
for lease to tourists, or any constructions
related to hotel business. A sample of the
above is the fact that 429,629 m2 were
built in 2012, 5,820 m2 out of which
corresponded to pools, and more than
59,000 m2 to tennis courts and other sports
areas. From 2005 to 2012, sixty-six
mansions (houses larger than 1,000 m2)
were built, reaching a total built area of
95,079 m2. During 2005-2012, in other
relevant resorts of the department, such as
Punta Ballena and Piriápolis, a total of
186,246 m2 were built for tourist housing39
Below, some ongoing works and others
recently finished have been selected for
their size in each area, as well as for the
fact that they are being financed by foreign
capitals.
Conrad Hotel: The Chilean group Enjoy
acquired in May 2013 45% of the
emblematic Conrad Hotel for the sum of
US$ 139 million. Within the investment
plan of the new management, the
expansion of the casino and other facilities
have already been carried out, with a cost
of US$ 20 million.
Fasano Hotel and Las Piedras Villas,
Punta del Este40: Venture inaugurated in
December 2010 on a 480-hectare property,
8 kilometers from "La Barra" of
Maldonado, in which over US$ 100 million
have been invested, and which is under the
management and services of Hoteles
39
General Planning Office, Maldonado Municipality
Source: El Observador newspaper 16-01-2011 y
www.laspiedrasfasano.com
40
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Fasano, from Sao Paulo, Brazil. The hotel
comprises 34 bungalows of between 38
and 120 m2. The project includes also an
area of 29 plots of 5,000 m2, each one of
them surrounded by a golf course designed
by Arnold Palmer, on some of which
houses were built; and another area has
been destined to farmhouses of between
one and five hectares each. The complex
includes a polo field, tennis courts, and a
beach on the Arroyo Maldonado
(Maldonado Stream).
Trump Tower Punta del Este: The project
of the U.S. magnate Donald Trump was
announced in December 2012, and its
inauguration is foreseen for Autumn 2016,
with the expectation of being the first
venture of this caliber in South America.
The tower will require a US$ 100 million
investment, and will feature 125 residential
apartments in bus stop 10 of the Brava
Beach; it is estimated that the square
meter will cost approximately US$ 6,000.
The tower will offer the following services:
an indoor heated tennis court, 360-degree
panoramic views, a sculpture gallery, an
outdoor pool with water falls, two heated
indoor pools of 200 square meters, one
room for events with a capacity for 300
people, two micro-cinemas, a wine cellar
and a gourmet restaurant.
Silente Club de Mar41: Club del Mar is a
first-class venture of Argentinian capitals,
located in an exclusive property with green
areas, large gardens, recreational areas,
and a privileged view of the ocean. The
complex has three five-story apartment
and one six-story apartment block, with 80
apartments in total. Two blocks are already
available, and the third one was
inaugurated in December 2013. The project
is developed on a 35,000 m2 property with
100 m fronting the Rambla. It has an
indoor heated pool and an outdoor pool,
tennis court, club house, gym, spa,
business center, reading room and kids
club.
Imperiale Punta del Este Complex42: A
three-tower complex, on a 13,000 m2
property.
Towers I and II were
inaugurated in January 2013, and the third
tower was inaugurated in July 2013. Its
amenities include: pools, sauna, gym,
micro-cinemas, playrooms with specialized
staff, tennis court, business center,
barbecues.
One: A real estate project of Argentinian
and Uruguayan capitals. It is located on
Roosevelt Ave., on a 21,000 m2 property, at
200 meters from the coast. It has 2 Towers
on a 7,000 m2 property each, and 4
apartments per floor, of 3 and 4 suites. The
towers have a privileged ocean view and
the services of a 5-star hotel. They also
feature state-of-the-art technology to
protect the environment. Its amenities
include: outdoor pool, and heated indoor
pool, saunas, solarium, multiple-purpose
room with barbecues, an extensive park
area, a multi-purpose sports field, kids
club, and gym, among others.
Las
Garzas
Blancas
Private
43
Neighborhood : A private neighborhood
constructed on a 240-hectare property and
2 kilometers of virgin beaches, at only 20
minutes away from José Ignacio. The
project has 2,000 to 4,000 m2 plots and
amenities for the sole use of its owners. It
is a project financed by Argentinian
capitals.
42
41
Source: www.silente.com.uy
43
Source: Weiss Sztryk Weiss, www.wsw.com.uy
Source: www.lasgarzasconsultatio.com
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Brava44:
A 26-story top-class
exclusive tower with a spectacular view
and the highest quality. This tower is
currently under construction, and it is
expected to be completed by the end of
2014. It will be developed over a 7,280 m2
property, with apartments of between 70
and 153 m2.
and the vineyards. The total amount of the
investment is close to US$ 15 million. The
venture is located on Route 21, 7
kilometers away from Carmelo, in the
Department of Colonia, and a few minutes
away from Buenos Aires, in front of the
exclusive hotel Four Seasons Resort
Carmelo.
Laguna de los Cisnes45: Country and Golf
Lomas del Real: This 7,250 m2-realestate venture with hotel service is
located in Cuatro Soles, a 40-hectare
exceptional housing development area
at the highest point of the Real de San
Carlos [former colonial bullring]. The condo-
Look
Club, at 15 minutes from Punta del Este
and at 4 km from the Laguna del Sauce
airport. With a total surface area of 238
hectares, 224 plots of 1/2 hectare each
were delimited.
It has a 20-hectare
internal lake, 1 km of coast on the Laguna
de los Cisnes (Laguna del Sauce), with
4,000 hectares for nautical sports. It has
twenty-four hour security and surveillance,
a club house with a gym, a pool, a
barbecue, and a party hall, together with a
driving range, tennis court, soccer field,
and stables. It is a project financed by
European capitals.
hotel is part of the MANTRA-GROUP, and
will be ready in July 2014.
Costa Colonia Boutique Hotel: it is a
condo-hotel boutique style venture of the
Tay Hotels chain, inaugurated in
September 2011. It is located on the
Rambla Costanera [coastline boulevard], and
has 62 rooms.
Developments in Colonia and Rivera
Hotel Rivera Casino Resort46: This
Below are some of the main tourist
developments in the Departments of
Colonia and Rivera. Colonia particularly is
experiencing a strong tourist boom, of
which large chains ventures are a sample.
venture, located in the city of Rivera, on
the border with Brazil, consists of three
sectors that total 13,000m2. The 4-star
hotel has 60 rooms, 6 VIP rooms, a parking
lot, a room for events, a business center, a
restaurant, a spa & solarium, a pool, a kids
club, theater, duty-free shop and casino.
The total investment by Boldt-ICM-Manteo
consortium is estimated in US$ 33 million.
Carmelo Golf: It is an enclosed area of
270 hectares, with 220 plots of 3,000 to
4,500 square meters each, and 12
farmhouses. The complex has a golf course,
driving range, lagoons, a horseback riding
area, and a polo field. It is the result of a
joint venture between the Argentinian
companies Real Assets and Eidico. The
houses enjoy a great view to the lagoons
44
45
Source: www.elinmobiliario.com
Source: www.lagunadeloscisnes.com.uy
Hot spring centers in the western
littoral region
Recent investment destinations include
Arapey Municipal Hot Springs, a 600hectare tourist complex. It is located 80
km north of the city of Salto. The 5-star
46
Source: www.ciudadbiz.com , 3/11/2010.
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Hotel Arapey Thermal Resort and Spa has
also opened in the area.
Altos del Arapey. Golf Club & Thermal
Hotel: This hotel venture, inaugurated in
September 2013, required an investment
of US$ 24 million, and includes a landing
airstrip for small aircrafts. The 5-star hotel
will feature 156 rooms, jacuzzi, four indoor
pools, and an outdoor one, a gym and a
spa. The golf club is developed over a 60hectare 18-hole course, and was
inaugurated on June 6, 2012. A new 950meter deep well was recently inaugurated
to extract thermal waters to supply the
hotel47.
Bohan Hot Springs & Golf48: A new 5star hotel complex in Daymán hot springs
resort is planned to be inaugurated at the
beginning of 2016, with 84 rooms, 9-hole
golf course, 6 hot-spring pools at different
temperatures, and various ecotourism
areas. The investment is estimated in US$
15 million.
Almirón Hot Springs Complex: The
Thermal
Therapeutic
Center
was
inaugurated in November 2012 at the
Almirón Hot Springs Complex, the first salt
water thermal spa in Uruguay, which will
be complemented with the construction of
a four-star hotel, with an estimated
investment of over US$ 5 million.
Lastly, at Villa Constitución in the
Department of Salto, a pre-feasibility study
of an infra-basaltic perforation will be
conducted in order to start projecting a
new thermal park.
47
48
Source: El Observador newspaper, 30-Sep-2013.
http://www.diarioelpueblo.com.uy
6.3 Investment opportunities
associated with the tourism
sector
All the above advances in terms of
infrastructure
and
real
estate
developments
generate
significant
opportunities, product of the development
of a whole set of associated services. Big
investments require a better service level
(e.g. in maintenance and security). This is
transferred to a better employment level in
the service-providing companies, and,
therefore, to an improvement in the level
of the workers that provide services to the
different cities and resorts. Ventures
surrounding the offer of this type of
services represent a clear opportunity.
These new real estate developments
include amenities that allow visitors to
enjoy the resort areas all the year long.
With this reduction of the seasonality it is
expected that business opportunities in
these areas will increase.
Beyond the considerable growth of the
hotel infrastructure, there are still
opportunities to invest in this sector,
especially in the interior of the country.
The expansion of Punta del Este towards
José
Ignacio,
and
the
potential
development of Rocha's Atlantic coast are
an example of the above. Also in the real
estate business there are still growth
opportunities, for example, those related
to the projected bridge over the Garzón
Lagoon.
In particular, and making use of the
advantages provided by the regulations49,
the refurbishing of two-three star hotels is
49
See following section.
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Tourism in Uruguay
a good opportunity
investors.
for
prospective
The already-mentioned improvements in
connectivity generate an environment that
facilitates business and creates new
opportunities. For example, the new
Buquebus’ vessel, “Francisco”, with a
capacity for 900 passengers and 150 cars,
connects the downtown areas of the cities
of Buenos Aires and Montevideo in just 2
hours.
The city of Colonia, due to its proximity to
Buenos Aires, is also an important point for
generating business and capturing extraregional tourists. The infrastructure
developments, such as the Fluvial Terminal
and the BIT center have fostered the
growth of the city, which is already
reflected in the important hotel
infrastructure.
field. At present, it is necessary to develop
the infrastructure in covered areas,
thematic parks, aquariums, or other
infrastructures associated with the leisure
business.
To sum up, even though investments in the
sector have notoriously increased over the
last years, there are still many
opportunities
in
different
sectors.
Furthermore, these new investments have
a multiplier effect, generating new
associated opportunities.
Another
example
of
available
opportunities is the developments
associated with the above-mentioned
Aparicio Saravia Axis (see section 5).
Multiple opportunities arise around Punta
del Este Convention Center, including a
new bus terminal, a university campus, an
urban park, and road works.
Also, the developments outside the
Atlantic coast are increasingly standing out,
reason why the opportunities in the
interior of the country will be increasingly
significant.
Authorities are continuously working
together with the different private players
in search of innovating, detecting
opportunities and weaknesses, and
diversifying the tourism offer.
Especially, the offer of services in the
entertainment sector is a worth-developing
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7. Legal Framework for
Investment Promotion and
Sector Regulation
7.1 Legal framework for
investment promotion
In Uruguay there exists an adequate legal
framework that benefits the investor;
some regulations are of general nature for
all the sectors while others are specific for
the tourism sector.
Investment promotion regime
Uruguay is very attractive compared with
other countries that receive investments
from the rest of the world, and for several
years now, it has had an active policy to
promote investments in the country.
Law 16,906 (1998) declared of national
interest the promotion and protection of
domestic and foreign investments. One of
its main features to be highlighted is that
foreign investors are granted the same
incentives as local investors and there is no
tax discrimination or restrictions for
transferring profits abroad.
Decrees 455/007 and 002/012 updated the
regulations of said law. For any investment
projects submitted and promoted by the
Executive Branch, it is possible to compute
as part of the tax payment (IRAE Corporate Income Tax) between 20% and
100% of the invested amount, depending
on the type of project and the score
attained on the basis of a matrix of
indicators. The IRAE nationwide flat rate is
25%. Personal property included in fixed
assets and civil works are also exempt from
Net Wealth Tax, and the Value Added Tax
is recovered from the purchase of
materials and services for civil works.
Likewise, the import of personal property
included in fixed assets which have been
declared not competitive with national
industry is exempt from import taxes or
duties, as declared by said law.
On the other hand, Decree 175/00350
dated 07-May-2003, adjusts the general
regulations specific to the tourism sector,
and there is also a specific decree for
condo hotels51.
In the case of the first two decrees, the
interested party may choose between one
of these regimes, or combine the benefits
of both.
A. Specific Investment Promotion
Regime for the Tourism Sector: Decree
175/003
Decree 175/003 classifies tourist activities
in two groups, applying different incentives
for each one of them.
a) Tourist Projects: Accommodation
services, cultural, business activities,
sports conventions, recreational, leisure
or health service activities that make up a
complex unit designed to attract tourism
demand, approved in accordance with
Law 16,906 and with the aforementioned
Decree.
b) Hotels, Apart-hotels, Inns, Motels, and
Tourist Ranches already built or about to
be built.
a) Tourist Projects are exempt from:
For civil works: VAT on imports for the
project, and a credit for VAT on local
50
51
Decree 175/003.
Decree 404/10 and Decree 059/12.
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purchases is generated52, exemption
from Net Wealth Tax for 11 years, and
from 50% of the import duties
corresponding to these goods. For
Corporate Income Tax (IRAE), civil
works investment can be amortized
over a 15-year period.
For equipment: VAT from imports for
the project, and a credit for VAT on
local purchases is generated53,
exemption from Net Wealth Tax for 5
years, and from 50% of the import
duties corresponding to these goods.
As for Corporate Income Tax (IRAE),
equipment can be amortized over a 5year period.
b) Hotels, Apartment-hotels, Inns, Motels,
and Tourist Ranches already built or about
to be built are exempt from:
For equipment: VAT from imports for
the project, and a credit for VAT on
local purchases is generated54,
exemption from Net Wealth Tax for 5
years, and from 50% of the import
duties corresponding to these goods.
B. Specific Investment Promotion Regime
for Hotel Condominiums: Decrees 404/010
and 059/012.
Decree No. 404/010 promotes the activity
developed by Condo Hotels, with several
benefits available to them, namely:
a. Credit for the Value Added Tax included
in the procurement of goods and services
used in the construction.
52
This credit balance will be returned with Credit
Certificates that may be destined to the payment of
obligations before the DGI (General Taxation Office),
the BPS (Social Security Bank), or even endorse them
in favor of suppliers.
53
Same as above.
54
Same as above.
b. Exemption from VAT for imports of
goods destined to construction made by
the promoting company.
c. The promoting company is exempt from
the imports of materials and goods
necessary for the construction, and has to
choose between one of the following
regimes: i) 100% of taxes levied on the
aforementioned goods declared not
competitive with the national industry, but
has to pay the total taxes levied on goods
competitive with the national industry; ii)
50% of the taxes that levy the total of the
aforementioned goods.
7.2 Sector Regulations
Hotels, Apartment-hotels, Inns, and
Motels
These four categories of tourist
establishments are currently and mainly
regulated by Decree 384/99755 dated 15Oct-1997 and Decree 210/00156 dated 06Jun-2001.
The latter requires hotels, apartment
hotels, inns and motels to be registered
and authorized prior to operations by the
Ministry of Tourism and Sports (MINTURD);
requirements include valid municipal
authorization for the type of business of
the establishment (valid for 5 years), or
municipal authorization in process (in this
case, registration is provisional for an 18month period).
Decree 384/997 establishes the 1 to 5 star
rating for each of the four aforementioned
tourist establishments (except for motels,
which have only three categories).
55
56
Decree 384/997
Decree 210/001
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Ratings will be established in accordance
with certain parameters established in
such Decree57. The services provided by the
establishments must be in accordance with
the minimum required for the category in
which they are included.
A Rating Commission (which operates
within the MINTUR) ratifies or rectifies the
rating of the establishment and may review
it during its period of validity.
This classification into classes and
categories (stars) should be indicated in
every
advertising,
correspondence,
invoices and any other documentation
belonging to the tourist establishment; in
addition they must place it on a distinctive
sign next to the main entrance and the
reception hall.
None of these
establishments may use any denomination
or identification other than the one
corresponding to its class and category.
Please see the Ministry of Tourism58
website for details on the regulations
applicable to the different tourist
operators: Travel Agencies, Organized
Campsites, Hostels, Real Estate Agencies,
Adventure Tourism, Rural Tourism Service
Providers, Car Rentals without Chauffeur.
In the same website, instructions and
forms are available for the registration of
each operator, together with additional
information.
57
Items from the tourist establishment classification
matrix, Decree 384/997 dated 15-Oct-1997: 1)
Construction aspects of rooms, 2) Construction
aspects of common areas, 3) Room furnishings, 4)
General furnishings, 5) Services: personal services,
6) Services: personnel, 7) Services: languages, and 8)
Services: general services.
58
http://www.turismo.gub.uy/index.php/esES/operadores-turisticos
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8. Institutional framework
8.1 Ministry of Tourism and
Sports
The Ministry of Tourism and Sports
(MINTURD) is responsible for designing,
promoting, executing, controlling, and
assessing the State policies related to
tourist activities. For this purpose, it will
coordinate the efforts and interests of the
public and private sectors, within an ethical
and legal framework, in search of both a
sustainable improvement of the activity
and of the population quality of life.
National Sustainable Tourism Plan for
the period 2009-2020 and Tourism Law
Since June 2009, Uruguay has the first
National Sustainable Tourism Plan for the
period 2009-202059, drawn up by the
Ministry of Tourism and Sports.
The plan aims for Uruguay to be an
internationally recognized friendly and safe
tourism destination, committed to
sustainable development with quality
services, qualified people and full
coordination among key sector players.
The strategic orientation of the Plan is
based on the following five key lines of
action:
1. An economically, environmentally and
socio-culturally sustainable tourism
model.
2. Innovation and quality, boosters of
competitiveness.
59
Available in MINTURD website: Plan Nacional de
Turismo Sostenible.
3. Increased capabilities, employment
quality, and commitment of the
players in the tourism system.
4. Marketing and promotion to expand
demand and create customer loyalty.
5. Tourism as a tool for social, territorial,
and political integration, with diversity
awareness.
In line with the objectives of the National
Tourism Plan, in April 2013, the Executive
Branch has sent a bill on Tourism to the
Parliament for its study. This project was
drawn up in permanent dialog with the
sector's different players, and aims at
becoming a legal framework that regulates,
promotes, and prioritizes the tourism
activity. The bill is at present under study
by the Tourism Commission of the
Chamber of Representatives.
It is
expected to be dealt with in the chamber's
floor at the beginning of 2014.
As part of its objective of promoting
tourism activity, the Ministry of Tourism,
together with the rest of the Executive
Branch, has passed several regulations
granting special benefits to tourists. These
regulations further increase the benefits
already existing to promote the activity. In
this way, tourists can enjoy the following
benefits:
Reimbursement of VAT on tourist
services provided to non-resident
natural persons.
Reimbursement of 10.5% of real-estate
leasing prices with tourist purposes to
non-resident natural persons.
Tax-Free regime in adhered stores, after
complying with the corresponding
procedure.
A 24% discount in fuel, paid with credit
card, in gas stations located less than 20
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Tourism in Uruguay
km away from border posts with
Argentina and Brazil.
Zero VAT in Hotels for foreigners.
For further information see:
http://www.turismo.gub.uy
Country Brand
The country brand is the graphic, nominal
and symbolic representation that identifies
a country, differentiating it from others,
and making it unique. It is a process that
implies to build and protect the country's
international reputation and its image
abroad. The result of a clear and wellpositioned image is value added to the
products produced in it.
A country brand acts like an umbrella, as a
reference frame, as a quality indicator, not
only of the products and services it offers,
but also of their tourist places and as an
investment country, creating internally a
national pride feeling. It integrates both
the public and private sectors, to transmit
every available advantage, thus benefiting
the country as a whole.
The Country Brand "Uruguay Natural"
[Natural Uruguay] has as objective to
contribute to improve the country's
economic international insertion, through
the strengthening of the public and private
sectors institutional capacity in terms of
negotiation,
implementation
and
management of business policies, as well
as through the promotion of exports,
attracting investment and tourism.
The Interministerial Commission for
Foreign Trade Affairs (CIACEX) is
responsible for the project, making up a
"Country Brand Workgroup", supported
mainly by the Ministry of Tourism and
Sports (National Office) and the Uruguay
XXI Promotion Institute.
For further information, see:
http://marcapaisuruguay.gub.uy/
Another application of the same concept,
but at a specific city level is “Destination
Punta del Este”.
“Destination Punta del Este" is a non-profit
organization, with mixed partners (public
and private) who promote Uruguay and
Punta del Este in the world, as a
destination for holidays, investments, and
second place of residence.
The institution official isologotype is
inspired in the renowned Uruguayan artist
Carlos Páez Vilaró, and reinterpreted by
skilled professionals to make it work as the
destination official brand.
Under this synthetic graphic symbol the
institution moves around worldwide,
carrying out different Citymarketing
actions with the clear mission of
positioning the city brand all around the
world.
For further information, see:
http://destino-puntadeleste.com/
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8.2 Other Institutions
Departmental municipalities
Asociación Uruguaya de Agencias de
Viajes (AUDAVI) [Uruguayan Travel Agents
Association]: www.audavi.com.uy
Departmental Municipalities also have
areas or departments dedicated to
tourism, which are in charge of
coordinating with national authorities and
private players, the regulation and
promotion of tourist activities
Unión de Agentes de Viajes del
Interior (UAVI) [Uruguayan Interior Travel
Agents Union]: www.uavi-uruguay.com
http://intendencias.gub.uy/
Conglomerado de Turismo de
Montevideo [Montevideo Tourism
Conglomerate]:
www.descubrimontevideo.uy
Private institutions related to the tourism
sector
Cámara Uruguaya de Turismo
(CAMTUR) [Uruguayan Chamber of
Tourism]: www.camtur.com.uy
Asociación de Hoteles y Restaurantes
del Uruguay (AHRU) [Hotels and
Restaurants Association of Uruguay]:
www.ahru.com.uy
Cámara de la Industria Hotelera
Turística del Uruguay (CIHTU) [Chamber
of the Tourism Hotel Industry of Uruguay]:
www.cihtu.com.uy
Sindicato Único Gastronómico y
Hotelero del Uruguay (SUGHU) [Unique
Gastronomy and Hotel Labor Union of
Uruguay]: www.sughu.com
Cámara Inmobiliaria del Uruguay
[Uruguay Real Estate Chamber]:
www.ciu.org.uy
Círculo de Periodistas Turismo del
Uruguay (CIPETUR) [Circle of Journalists of
Tourism of Uruguay]: www.cipetur.com
Destino Punta del Este [Destination Punta
del Este]: www.destinopuntadeleste.com
Cámara Empresarial de Maldonado
[Maldonado Business Chamber]:
www.camaramaldonado.com
Cámara de Turismo de Paysandú
[Paysandu Tourism Chamber]:
www.turismopaysandu.com
Centro Comercial e Industrial de Salto
[Salto Center for Business and Industry]:
www.ccisalto.com.uy
Corporación Rochense de Turismo
[Rocha Tourism Corporation]:
www.rochauy.com
Asociación Turística del Departamento
de Colonia [Tourist Association of the
Department of Colonia]:
www.coloniaturismo.com
Sociedad Uruguay de Turismo Rural
(SUTUR) [Uruguayan Rural Tourism Society]:
www.turismoruraluy.com
Asociación Uruguaya de
Organizadores de Congresos
(AUDOCA) [Uruguayan Association of
Congress Organizers]: www.audoca.com
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9. ANNEX
Chart No. 1 - Visitors to Uruguay according to accommodation type and length of
stay in days, 2013
Accommodation type
Thousands of visitors
Average days of stay
1,047
4.7
Own house
243
10
Rented house
347
8.1
House of family/friends
871
6.1
Campsite
62
7.5
None
126
0.5
Apartment Hotel
50
5.7
Timeshare
7
7.2
Other
62
7.2
2,815
6
Hotel
Total/mean
Source: Prepared by Uruguay XXI based on data from the MINTURD.
Chart No. 2 - Visitors to Uruguay according to nationality and days of stay, 2013
Nationality
Thousands of visitors
Average days of stay
Uruguayans
346
6.1
Argentinians
1,648
6
Brazilians
393
4.8
Paraguayans
44
8.5
Chileans
54
7.1
North Americans
78
6.9
Rest of the Americas
91
5.2
Europeans
139
8
Other
22
4.7
Total
2,815
6
Source: Prepared by Uruguay XXI based on data from the MINTURD.
35
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Tourism in Uruguay
Chart No. 3 – Visitors to Uruguay according to purpose of travel, Year 2013
Purpose of travel
Thousands of Visitors
% part.
542
19.3%
Recreational - Sightseeing
Business and professional
reasons
1,779
63.2%
196
7.0%
Congress, seminar, study
20
0.7%
Health
17
0.6%
Transit
134
4.8%
Shopping
4
0.1%
Second Home
76
2.7%
Religion
9
0.3%
Other/No data
38
1.3%
2,815
100%
Visit to family or friends
Total
Source: Prepared by Uruguay XXI based on data from the MINTURD.
Chart No. 4 – Expenses per person and per day according to the accommodation type
(US$), Year 2013
Accommodation type
Total (millions)
per person
per day
Hotel
790
754.7
161.7
Own house
314
1295.2
130.2
Rented house
282
813.8
100
House of family/friends
387
443.7
72.3
Campsite
21
333.1
44.6
None
4.1
32.1
61.5
Apartment Hotel
38
748.4
131.1
Timeshare
6
886.9
123
Other
36
588.3
81.7
1,878
667.2
111.9
Total/mean
Source: Prepared by Uruguay XXI based on data from the MINTURD.
Chart No. 5 – Expenses per category (US$), Year 2013
Category
Thousands of US$
Percentage
Accommodation
562.6
30.0%
Food
519.2
27.6%
Shopping
213.8
11.4%
Transportation
158.4
8.4%
Rest
424.3
22.6%
Total
1878.4
100.0%
Source: Prepared by Uruguay XXI based on data from the MINTURD
36
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Tourism in Uruguay
9.1 Uruguay in synthesis (2013)60
Official name
Geographic location
Capital city
Area
Population (2013*)
Population growth rate (2011)
GDP - per capita (2013*)
Currency
Literacy rate
Life expectancy at birth
Government type
Political division
Time zone
Official language:
Oriental Republic of Uruguay
South America, bordering Argentina and Brazil
Montevideo
2
176,215 km . 95% of the territory is productive soil,
suitable for agriculture and cattle breeding.
3.39 million
0.40% (annually)
US$ 16,390
Uruguayan peso ($)
98%
76 years
Democratic republic with presidential system
19 departments
GMT - 03:00
Spanish
Main economic indicators 2008-2013
Indicators
2008
2009
2010
2011
2012
2013*
GDP (% Annual Var.)
7.2%
2.2%
8.9%
6.5%
3.9%
3.9%
GDP (Millions of U$S)
30,367
30,229
38,847
46,435
49,920
55,543
Population (Millions of people)
3.33
3.34
3.36
3.37
3.38
3.39
GDP per Capita (U$S)
9,108
9,037
11,573
13,779
14,767
16,373
8.0%
7.7%
7.2%
6.3%
6.5%
6.6%
20.9
22.6
20.1
19.3
20.3
20.5
-10.7%
7.7%
-11.1%
-3.7%
5.2%
0.8%
Consumer Price Index (% annual variation rate)
9.2%
5.9%
6.9%
8.6%
7.5%
8.5%
Exports of goods and services (Millions of US$)
9,252
8,354
11,155
13,362
13,720
13,931
Imports of goods and services (Millions of US$)
10,333
7,979
9,860
12,745
14,541
15,309
Trade Surplus / Deficit (Millions of US$)
-1,081
375
1,295
617
-821
-1,377
Trade Surplus / Deficit (% of GDP)
-3.6%
1.2%
3.3%
1.3%
-1.6%
-2.5%
Overall Fiscal Balance (% of GDP)
-1.6%
-1.7%
-1.1%
-0.9%
-2.8%
-2.3%
Gross capital formation (% of GDP)
23.2%
19.7%
18.5%
19.4%
21.2%
22.0%
Gross Debt (% of GDP)
Foreign Direct Investment (Millions of US$)
58.3%
2,106
76.0%
1,529
61.5%
2,289
58.2%
2,504
62.4%
2,687
58.5%
3,000
Foreign Direct Investment (% of GDP)
6.9%
5.1%
5.8%
5.4%
5.4%
5.4%
Unemployment Rate - Annual Average (% EAP
[Economically Active Population])
Exchange rate (Pesos per US$, Annual Average)
Exchange rate variation (Annual Average)
*Estimated data
60
Sources: GDP data was taken from the IMF, foreign trade data from IED, foreign exchange rates, international
reserves, and foreign debt come from the BCU (Central Bank of Uruguay), the population growth, literacy,
unemployment and inflation rates come from the INE (Statistics National Bureau).
37
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