| Economy of South America | |
|---|---|
| Population | 358,941,000 (2010)[N 1][N 2] |
| GDP | nominal: US$3.205 trillion (2010)[N 1][N 2] PPP: $3.990 trillion (2010)[N 1][N 2] |
| GDP growth | Per capita: 5.5% (2008)[N 3][N 2][N 4] |
| GDP per capita | nominal: US$8,929 (2010)[N 1][N 2] PPP: US$11,115 (2010)[N 1][N 2] |
| Millionaires (US$) | 400,000 (0.07%)[N 5] |
| Unemployment | 9% (2002)[N 5] |
| Income of top 1% | 44.37%[N 5] |
| See also: Economy of the world – Economy of Africa – Economy of Asia – Economy of Europe – Economy of North America – Economy of Oceania – Economy of South America | |
The economy of South America comprises around 382 million people living in twelve nations and three territories. It contributes 6% of the world's population.
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Since the 1990's, South America has experienced great economic development, with Venezuela, Colombia, Argentina, Uruguay and Peru growing their economies by over 8% per annum. Brazil's economy, on the other hand, is expected to grow by a more sluggish pace in the near future.[1]
South America relies heavily on the exporting of goods. On an exchange rate basis Brazil (the seventh largest economy in the world and the second largest in the Americas) leads the way in total amount of exports at $137.8 billion dollars followed by Chile at $58.12 billion and Argentina with $46.46 billion.[2]
GDP (PPP) 2011
Note: French Guiana, unlisted here, had a total GDP of US$3.52 billion in 2006.[3]
| Rank in world | Country | GDP |
|---|---|---|
| 8 | Brazil | $2,102,018 million |
| 22 | Argentina | $694,690 million |
| 26 | Colombia | $484,960 million |
| 34 | Venezuela | $369,324 million |
| 41 | Peru | $300,114 million |
| 44 | Chile | $281,368 million |
| 62 | Ecuador | $125,066 million |
| 88 | Uruguay | $52,111 million |
| 89 | Bolivia | $51,478 million |
| 100 | Paraguay | $36,235 million |
| 152 | Guyana | $5,842 million |
| 154 | Suriname | $5,069 million |
| Source: CIA World Factbook[4] | ||
GDP per capita (PPP) 2011
Note: French Guiana, unlisted here, had a GDP per capita of US$17,336 in 2006.[3]
| Rank in world | Country | GDP per capita |
|---|---|---|
| 52 | Argentina | $17,376 |
| 57 | Chile | $16,171 |
| 61 | Uruguay | $15,469 |
| 71 | Venezuela | $12,407 |
| 76 | Brazil | $11,845 |
| 85 | Peru | $10,001 |
| 86 | Colombia | $9,992 |
| 87 | Suriname | $9,492 |
| 92 | Ecuador | $8,335 |
| 98 | Guyana | $7,541 |
| 110 | Paraguay | $5,548 |
| 119 | Bolivia | $4,843 |
| Source: List of countries by GDP (PPP) per capita | ||
| Country | GNI per capita (PPP) |
|
|---|---|---|
| Argentina | $15,150 | |
| Chile | $13,890 | |
| Uruguay | $13,890 | |
| Venezuela | $11,950 | |
| Brazil | $10,920 | |
| Ecuador | $9,270 | |
| Colombia | $9,000 | |
| Peru | $8,940 | |
| Suriname | $7,610 | |
| Paraguay | $5,430 | |
| Bolivia | $4,560 | |
| Guyana | $3,530 | |
| Source: World Bank, 1 July 2011 [5] | ||
| Rank in world | Country | External Debt |
|---|---|---|
| 26 | Brazil | $216.1 billion |
| 33 | Argentina | $118.0 billion |
| 47 | Chile | $49.18 billion |
| 48 | Colombia | $46.44 billion |
| 49 | Venezuela | $43.30 billion |
| 63 | Peru | $27.81 billion |
| 73 | Ecuador | $13.28 billion |
| 75 | Uruguay | $12.61 billion |
| 108 | Bolivia | $3.80 billion |
| 117 | Paraguay | $3.220 billion |
| 152 | Guyana | $804.3 million (30 September 2008 est.) |
| 159 | Suriname | $504.3 million (2005 est.) |
| Source: CIA World Factbook[6] | ||
| Country | Annual economic growth (%) | |
|---|---|---|
| Peru | 6.8% | |
| Uruguay | 6.5% | |
| Argentina | 5.5% | |
| Colombia | 5.4% | |
| Chile | 5.3% | |
| Suriname | 4.4% | |
| Bolivia | 4.2% | |
| Paraguay | 4.2% | |
| Brazil | 3.9% | |
| Guyana | 3.6% | |
| Ecuador | 3.2% | |
| Venezuela | -0.9% | |
| Source: List of countries by GDP (real) growth rate[7] | ||
National banks offer other figures.
Unemployment rate
(%)
| Brazil | 5.4 | |
| Peru | 6.6 | |
| Uruguay | 6.7 | |
| Paraguay | 7.0 | |
| Chile | 7.1 | |
| Argentina | 7.8 | |
| Bolivia | 7.8 | |
| Venezuela | 8.5 | |
| Ecuador | 8.6 | |
| Suriname | 9.5 | |
| Guyana | 11.0 | |
| Colombia | 11.8 | |
| Source: CIA World Factbook[8] | ||
| Country | ECLAC[9] | Year | Factbook[10] | Year |
|---|---|---|---|---|
| Chile | 11.5 | 2009 | 11.5 | 2009 |
| Uruguay | 10.7 | 2009 | 20.9 | 2009 |
| Argentina | 11.3 | 2009 | 30 | 2010 |
| Brazil | 24.9 | 2009 | 26 | 2008 |
| Venezuela | 27.6 | 2008 | 37.9 | 2005 est. |
| Peru | 34.8 | 2009 | 34.8 | 2009 |
| Ecuador | 40.2 | 2009 | 33.1 | June 2010 |
| Paraguay | 56.0 | 2009 | 18.8 | 2009 |
| Bolivia | 54.0 | 2007 | 30.3 | 2009 est. |
| Colombia | 45.7 | 2009 | 45.5 | 2009 |
| Suriname | — | — | 70 | 2002 est. |
| Guyana | — | — | — | — |
| Country | Annual inflation(%) | |
|---|---|---|
| Peru | 1.80% | |
| Ecuador | 2.20% | |
| Brazil | 9.60% | |
| Chile | 4.40% | |
| Colombia | 3.30% | |
| Suriname | 6.40% | |
| Paraguay | 8.10% | |
| Uruguay | 8.10% | |
| Bolivia | 8.70% | |
| Argentina | 8.80% | |
| Guyana | 12.20% | |
| Venezuela | 23.70% | |
| Source: CIA World Factbook[11] | ||
| Country | Public debt (% of GDP) |
|
|---|---|---|
| Chile | 6.10 | |
| Venezuela | 18.0 | |
| Ecuador | 22.10 | |
| Paraguay | 24.10 | |
| Peru | 24.80 | |
| Bolivia | 42.00 | |
| Colombia | 45.80 | |
| Argentina | 48.60 | |
| Uruguay | 56.60 | |
| Brazil | 60.00 | |
| Guyana | N/A | |
| Suriname | N/A | |
| Source: CIA World Factbook[12] | ||
The biggest trade block in South America is Mercosur (or Mercosul in Portuguese), comprising Argentina, Brazil, Paraguay, Uruguay and Venezuela. Associate states include Bolivia, Chile, Colombia, Ecuador and Peru. The second-biggest trade bloc is the Andean Community of Nations comprising Bolivia, Colombia, Ecuador, Peru, Venezuela and as of 2006 Chile. The Union of South American Nations is expected to merge both trade blocs.
Below is a list of the currencies of South America, with exchange rates between each currency and both the euro and US dollars.
Table correct as of June 20, 2011; click price to obtain a current quote
Main products include: Coffee, soybeans, wheat, rice, corn, sugarcane, cocoa, citrus, beef, bananas and shrimp are also important agricultural products for many countries
Industries are also important to South America’s economy. Most South American factories produce food items, consumer goods, or building materials. More developed countries also produce cars, trucks, and airplanes. Some of these companies import all the parts and raw materials needed for manufacturing which limits the amount of profits they can receive for the item. An important factor that is crucial to the success of industries is importing and exporting. The organization called Mercosur helps to expand trade, improve transportation, and reduce tariffs among member countries. The Andean Community mimics such cooperation, but limits exist due to crucial road barriers.
At the beginning of August 2008 Venezuelan president Hugo Chavez and his colleagues from Argentina and Brazil spoke about Latin American integration and Chavez threw an ambitious idea out: a train that would connect Venezuela's capital (Caracas) with Argentina's (Buenos Aires), and cities in between.[13]
Economy of:
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