In 2024, Brazil and Mexico were expected to be the countries with the largest gross domestic product (GDP) in Latin America and the Caribbean. In that year, Brazil's GDP could reach an estimated value of 2.4 trillion U.S. dollars, whereas Mexico's amounted to almost two trillion U.S. dollars. GDP is the total value of all goods and services produced in a country in a given year. It measures the economic strength of a country and a positive change indicates economic growth.

In 2023, Puerto Rico and The Bahamas were the states with the highest gross domestic product (GDP) per capita in Latin America and the Caribbean. The average GDP generated per person in the Bahamas amounted to 34,749 U.S. dollars, whereas the average wealth created per capita in Puerto Rico was estimated at around 34,749 U.S. dollars. In that same year, this region's lowest GDP per capita was that of Haiti, at less than 1,693 U.S. dollars per person per year. The largest economies in Latin America GDP is the total value of all goods and services produced in a country in a year. It is an important indicator to measure the economic strength of a country and the average wealth of its population. By far, the two largest economies in the region are Brazil and Mexico, both registering GDPs three times bigger than the third place, Argentina. Nonetheless, they are the two most populated countries by a great margin.
Key economic indicators of Latin America Latin America emerges as an important region in the world economy, as of 2023, around 7.3 percent of the global GDP, a similar share to the Middle East. Nevertheless, the economic development of most of its countries has been heavily affected by other factors, such as corruption, inequality, inflation, or crime and violence. Countries such as Venezuela, Suriname, and Argentina are constantly ranking among the highest inflation rates in the world. While Jamaica, Ecuador, and Haiti rank as some of the most crime-ridden states.

Graph and download economic data for Gross Domestic Product for Developing Countries in Latin America and Caribbean (NYGDPMKTPCDLAC) from 1960 to 2023 about Caribbean Economies, Latin America, and GDP.

Haiti is expected to experience the worst economic recession in Latin America and the Caribbean in 2024. Haiti's gross domestic product (GDP) in 2024 is forecast to be 3 percent lower than the value registered in 2023, based on constant prices. Aside from Argentina, Haiti, and Puerto Rico, most economies in the region were likely to experience economic growth in 2024, most notably, Guyana.

Graph and download economic data for Constant GDP per capita for Developing Countries in Latin America and Caribbean (NYGDPPCAPKDLAC) from 1960 to 2023 about Caribbean Economies, Latin America, per capita, and GDP.

Latin America & Caribbean gdp growth rate for 2023 was 2.09%, a 1.88% decline from 2022.

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<li>Latin America & Caribbean gdp growth rate for 2022 was <strong>3.96%</strong>, a <strong>3.09% decline</strong> from 2021.</li>
<li>Latin America & Caribbean gdp growth rate for 2021 was <strong>7.05%</strong>, a <strong>13.64% increase</strong> from 2020.</li>
<li>Latin America & Caribbean gdp growth rate for 2020 was <strong>-6.59%</strong>, a <strong>7.28% decline</strong> from 2019.</li>
</ul>Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.

The statistic shows gross domestic product (GDP) per capita in the Association of Caribbean States in 2023. GDP is the total value of all goods and services produced in a country in a year. It is considered to be a very important indicator of the economic strength of a country and a positive change is an indicator of economic growth. The Association of Caribbean States comprises Antigua and Barbuda, Bahamas, Barbados, Belize, Colombia, Costa Rica, Cuba, Dominica, Dominican Republic, El Salvador, Grenada, Guatemala, Guyana, Haiti, Honduras, Jamaica, Mexico, Nicaragua, Panama, St. Kitts and Nevis, St. Lucia, St. Vincent and the Grenadines, Suriname, Trinidad and Tobago and Venezuela. In 2023, GDP per capita in Barbados amounted to around 23,167.3 U.S. dollars.

Historical chart and dataset showing Latin America & Caribbean GDP by year from 1960 to 2023.

Constant GDP per capita for Developing Countries in Latin America and Caribbean was 8562.81505 2010 U.S. $ in January of 2023, according to the United States Federal Reserve. Historically, Constant GDP per capita for Developing Countries in Latin America and Caribbean reached a record high of 8562.81505 in January of 2023 and a record low of 3146.02676 in January of 1960. Trading Economics provides the current actual value, an historical data chart and related indicators for Constant GDP per capita for Developing Countries in Latin America and Caribbean - last updated from the United States Federal Reserve on June of 2025.

Historical chart and dataset showing Latin America & Caribbean GDP per capita by year from 1960 to 2023.

Graph and download economic data for Cash surplus/deficit (% of GDP) for Developing Countries in Latin America and Caribbean (GCBALCASHGDZSLAC) from 1990 to 2004 about Caribbean Economies, Latin America, cash, budget, and GDP.

In 2023, four Caribbean nations were the countries with the highest gross national income per capita in Latin America and the Caribbean. On average, the national gross income amounted to around 31,990 U.S. dollars per person in the Bahamas, an island country which also had one of the highest gross domestic product per capita in this region. Outside the Caribbean Excluding the Caribbean, the economies with the highest national income per capita are generally located in South America, with the exceptions of Panama, Costa Rica and Mexico. Guyana leads among continental states with a national income of around 20.360 U.S. dollars per person. Gross national income (GNI) is the aggregated sum of the value added by residents in an economy, plus net taxes (minus subsidies) and net receipts of primary income from abroad. The biggest economies Brazil and Mexico are still miles ahead in the race for the biggest economy of Latin America. As of 2023, both nations exceeded the two trillion U.S. dollars mark in their Gross Domestic Product (GDP). While Argentina's GDP, third place, slightly surpassed the 600 billion U.S. dollars. Nonetheless, both nations also ranked as the most populated by far in the region.

This horizontal bar chart displays GDP (current US$) by region using the aggregation sum in Caribbean. The data is filtered where the date is 2021. The data is about countries per year.

Latin America & Caribbean trade to gdp ratio for 2023 was 48.75%, a 8.58% decline from 2022.

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<li>Latin America & Caribbean trade to gdp ratio for 2022 was <strong>57.33%</strong>, a <strong>3.46% increase</strong> from 2021.</li>
<li>Latin America & Caribbean trade to gdp ratio for 2021 was <strong>53.87%</strong>, a <strong>6.86% increase</strong> from 2020.</li>
<li>Latin America & Caribbean trade to gdp ratio for 2020 was <strong>47.02%</strong>, a <strong>0.36% decline</strong> from 2019.</li>
</ul>Trade is the sum of exports and imports of goods and services measured as a share of gross domestic product.

In 2023, the Bahamas was the country with the highest share of value added by the services industry to gross domestic product (GDP). Approximately 89 percent of the total value added to these islands' GDP was generated by the services sector. In turn, Paraguay, Haiti, and Nicaragua had the lowest shares, with less than 50 percent.The services industry comprises wholesale and retail trade (including hotels and restaurants), transportation, governmental, financial, professional, and personal services such as education, health care, and real estate. The added value is calculated by subtracting the cost of intermediate goods and services from the sector's total GDP.

Historical chart and dataset showing Latin America & Caribbean debt to gdp ratio by year from 2019 to 2021.

In 2023, the agriculture, forestry, and fishing sector in Haiti contributed with approximately 18.15 percent of the value added to the country's gross domestic product (GDP), the highest contribution reported for the Latin America and Caribbean region. In contrast, the lowest contributions was reported by the Bahamas, with a share of less than 0.5 percent.

This dataset is about countries in Caribbean. It has 13 rows. It features 3 columns: GDP, and inflation.

Antigua and Barbuda was the Caribbean economy that relied the most on travel and tourism in 2022, with this sector accounting for more than 90 percent of its gross domestic product (GDP). Aruba followed that year as the Caribbean island with the second-largest share of GDP from tourism.

This dataset is about countries in Caribbean. It has 13 rows. It features 3 columns: GDP, and democracy type.