Economy of South America

Economy of South America
The Greater São Paulo has the largest gross metropolitan product in South America.
Statistics
Population434 million[1][2]
GDP
GDP rank
GDP growth
1.6% (2023 est.)[5]
GDP per capita
  • $9,240 (nominal; 2023 est)[6]
  • $18,780 (PPP; 2023 est)[7]
GDP per capita rank
915,000 (2022)[8]
Public finances
75.1% of GDP (2023 est.)[9]
Most numbers are from the International Monetary Fund. IMF South America Datasets
All values, unless otherwise stated, are in US dollars.
World economy

The economy of South America comprises approximately 434 million people living in the 12 sovereign states and three dependent territories of South America, which encompasses 6 percent of the world's population. South America ranks fifth[10] in terms of nominal GDP by continent, behind North America and after Oceania.

South America has two major trade blocks: Mercosur and the Andean Community. Brazil is the largest economy in South America in terms of Nominal GDP, it has a vast and diverse economic landscape encompassing agriculture, manufacturing, services, and natural resources. Due to Brazil's major economy, it has a large influence over its neighbors, and even globally. Argentina which is South America's second largest economy, boasts a rich history of industrialization and a well-developed agricultural sector. Despite economic challenges and very high inflation, Argentina uses its abundant natural resources and skilled workforce to drive economic growth and innovation. Together, Brazil and Argentina serve as economic powerhouses and as such, are major influences to surrounding countries. Uruguay stands out as it boasts the highest GDP per capita in the region. Renowned for its stable political environment, strong social welfare system, and diversified economy, Uruguay has consistently ranked among the top nations in terms of human development and standard of living. Uruguay has a large agriculture sector and has made previous strategic investments in technology and innovation, Uruguay's economy thrives on both domestic consumption and international trade. Guyana ranks second which is attributed to its oil and gas sector.[11]

  1. ^ "World Population Prospects 2022". United Nations Department of Economic and Social Affairs, Population Division. Retrieved 17 July 2022.
  2. ^ "World Population Prospects 2022: Demographic indicators by region, subregion and country, annually for 1950-2100" (XSLX) ("Total Population, as of 1 July (thousands)"). United Nations Department of Economic and Social Affairs, Population Division. Retrieved 17 July 2022.
  3. ^ "GDP (Nominal), current prices". International Monetary Fund. Archived from the original on 25 February 2017. Retrieved 5 November 2022.
  4. ^ "GDP (PPP), current prices". International Monetary Fund. Archived from the original on 26 October 2022. Retrieved 5 November 2022.
  5. ^ International Monetary Fund (2022). "Real GDP growth". IMF Data Mapper. International Monetary Fund. Archived from the original on 14 November 2020. Retrieved 5 November 2022.
  6. ^ International Monetary Fund (2022). "Nominal GDP per capita". IMF Data Mapper. International Monetary Fund. Archived from the original on 11 January 2020. Retrieved 5 November 2022.
  7. ^ International Monetary Fund (2022). "GDP PPP per capita". IMF Data Mapper. International Monetary Fund. Archived from the original on 8 November 2019. Retrieved 5 November 2022.
  8. ^ Shorrocks, Anthony; Davies, James; Lluberas, Rodrigo (2022). Global Wealth Databook 2022 (PDF). Credit Suisse Research Institute. Archived (PDF) from the original on 19 October 2022. Retrieved 17 January 2023.
  9. ^ International Monetary Fund (2022). "General government gross debt". IMF Data Mapper. International Monetary Fund. Archived from the original on 18 January 2023. Retrieved 5 November 2022.
  10. ^ "Report for Selected Countries and Subjects". IMF. Retrieved 29 February 2024.
  11. ^ "Guyana Datasets". www.imf.org. Retrieved 1 March 2024.