1 00:00:00,060 --> 00:00:01,240 If you’re from Uruguay 2 00:00:01,240 --> 00:00:02,640 or have visited the country, 3 00:00:02,640 --> 00:00:04,730 your wallet has surely felt it. 4 00:00:04,946 --> 00:00:06,956 A recent study has stated 5 00:00:06,956 --> 00:00:08,536 it is not only the most 6 00:00:08,536 --> 00:00:10,266 expensive country in Latin America, 7 00:00:10,266 --> 00:00:11,896 but also one of the most expensive 8 00:00:11,896 --> 00:00:12,726 in the world. 9 00:00:12,826 --> 00:00:15,106 When the prices of about 600 products 10 00:00:15,106 --> 00:00:16,692 were compared between Uruguay and 11 00:00:16,692 --> 00:00:17,876 43 other countries, 12 00:00:17,876 --> 00:00:20,116 Uruguayan products were on average 13 00:00:20,116 --> 00:00:21,948 27% more expensive. 14 00:00:21,948 --> 00:00:23,346 They cost more than double 15 00:00:23,346 --> 00:00:24,746 than what they do in Bolivia, 16 00:00:24,746 --> 00:00:26,496 80% more than in Mexico, 17 00:00:26,496 --> 00:00:28,616 and 20% more than neighboring 18 00:00:28,616 --> 00:00:29,776 Brazil and Argentina. 19 00:00:29,776 --> 00:00:32,206 They were even more expensive than 20 00:00:32,206 --> 00:00:33,686 countries like France, Germany, 21 00:00:33,686 --> 00:00:34,786 or the United Kingdom. 22 00:00:34,786 --> 00:00:36,416 But what has led Uruguay to become 23 00:00:36,416 --> 00:00:38,156 one of the most expensive countries 24 00:00:38,156 --> 00:00:38,913 in the world? 25 00:00:38,973 --> 00:00:41,430 That’s what we explain in this video. 26 00:00:42,563 --> 00:00:44,523 Let’s begin by clarifying that Uruguay, 27 00:00:44,523 --> 00:00:46,443 with its 3.4 million inhabitants, 28 00:00:46,443 --> 00:00:49,353 is considered a high-income country. 29 00:00:49,353 --> 00:00:51,953 For example, it has one of the highest 30 00:00:51,953 --> 00:00:53,523 minimum wages in Latin America. 31 00:00:53,720 --> 00:00:55,010 According to Uruguay’s 32 00:00:55,010 --> 00:00:56,837 National Institute of Statistics, 33 00:00:56,837 --> 00:00:59,280 each Uruguayan household earns around 34 00:00:59,280 --> 00:01:01,250 $2,500 per month on average. 35 00:01:01,450 --> 00:01:03,140 The country also has the largest 36 00:01:03,140 --> 00:01:04,852 middle class in Latin America and 37 00:01:04,852 --> 00:01:06,802 the Caribbean, accounting for more than 38 00:01:06,802 --> 00:01:07,862 60% of its population. 39 00:01:07,980 --> 00:01:10,500 It also boasts a social protection system 40 00:01:10,500 --> 00:01:12,780 that has made it stand out in the region 41 00:01:12,780 --> 00:01:14,800 for its egalitarian society. 42 00:01:15,000 --> 00:01:16,196 According to the study, 43 00:01:16,196 --> 00:01:17,196 only nine countries 44 00:01:17,196 --> 00:01:18,975 Japan, Finland, Israel, Ireland 45 00:01:18,975 --> 00:01:20,655 Sweden, Denmark, Switzerland, 46 00:01:20,655 --> 00:01:23,744 Norway, Iceland, were more expensive. 47 00:01:23,980 --> 00:01:25,700 For hygiene and cleaning products, 48 00:01:25,700 --> 00:01:28,160 Uruguay is 58% more expensive than 49 00:01:28,160 --> 00:01:29,680 the average of other countries. 50 00:01:29,873 --> 00:01:31,813 For food and non-alcoholic beverages, 51 00:01:31,813 --> 00:01:33,403 it's 55% more expensive, 52 00:01:33,403 --> 00:01:35,623 and for IT and electronic products, 53 00:01:35,623 --> 00:01:36,993 43% more expensive. 54 00:01:36,993 --> 00:01:39,343 Uruguay has one of the most developed 55 00:01:39,343 --> 00:01:41,253 welfare states in Latin America. 56 00:01:41,253 --> 00:01:44,503 For instance, it invests 4.9% of its GDP 57 00:01:44,503 --> 00:01:47,023 in education and 6.5% in health— 58 00:01:47,023 --> 00:01:49,333 one of the highest rates in the region. 59 00:01:51,223 --> 00:01:53,333 One factor that influences the high prices 60 00:01:53,333 --> 00:01:55,926 of products is that Uruguay imports a 61 00:01:55,926 --> 00:01:57,686 long list of items, as they are 62 00:01:57,686 --> 00:01:59,926 not produced locally. 63 00:01:59,926 --> 00:02:02,956 And that list is long, as the country’s 64 00:02:02,000 --> 00:02:04,340 economy is largely based on 65 00:02:03,880 --> 00:02:06,000 livestock farming and agriculture.