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.

Guyana was the South American country 20360the highest gross national income per capita, with 20,360 U.S. dollars per person in 2023. Uruguay ranked second, registering a GNI of 19,530 U.S. dollars per person, based on current prices. 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. Which are the largest Latin American economies? Based on annual gross domestic product, which is the total amount of goods and services produced in a country per year, Brazil leads the regional ranking, followed by Mexico, Argentina, and Chile. Many Caribbean countries and territories hold the highest GDP per capita in this region, measurement that reflects how GDP would be divided if it was perfectly equally distributed among the population. GNI per capita is, however, a more exact calculation of wealth than GDP per capita, as it takes into consideration taxes paid and income receipts from abroad. How much inequality is there in Latin America? In many Latin American countries, more than half the total wealth created in their economies is held by the richest 20 percent of the population. When a small share of the population concentrates most of the wealth, millions of people don't have enough to make ends meet. For instance, in Brazil, about 5.32 percent of the population lives on less than 3.2 U.S. dollars per day.

The average for 2023 based on 11 countries was 10329.52 U.S. dollars. The highest value was in Guyana: 23325.12 U.S. dollars and the lowest value was in Bolivia: 3168.73 U.S. dollars. The indicator is available from 1960 to 2023. Below is a chart for all countries where data are available.

The average for 2023 based on 19 countries was 19567 U.S. dollars. The highest value was in Puerto Rico: 42995 U.S. dollars and the lowest value was in Haiti: 2956 U.S. dollars. The indicator is available from 1990 to 2023. Below is a chart for all countries where data are available.

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.

GDP per capita is gross domestic product divided by midyear population. 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. Data are in current U.S. dollars.

According to recent estimates, the most affected sectors by the coronavirus pandemic in Latin America would be wholesale and retail trade as well as services in general, such as tourism, foodservice, transport, and communications. In 2020, this group of most affected sectors was forecasted to represent more than 16 percent of Brazil’s gross domestic product (GDP). Among the countries shown in this graph, Brazil is the nation where sectors moderately affected by the pandemic could represent the highest contribution to GDP (75.8 percent).

Which Latin American economies were most vulnerable to the pandemic? In 2020, the economic sectors most affected by the coronavirus pandemic - wholesale and retail, hotels and restaurants, transport and services in general - were forecasted to account for 35.5 percent of Panama’s GDP. In addition, the moderately and most affected economic segments were estimated to contribute the most to Panama’s GDP (a combined 97.6 percent) than any other country in this region. A similar scenario was projected in Mexico, where the sectors that would least suffer the pandemic's negative effects would account for only 3.4 percent of GDP.

Did the pandemic put a stop to economic growth in Latin America? Economic growth changed dramatically after the COVID-19 outbreak. Most of the largest economies in Latin America fell under recession in 2020. Estimates predict a more optimistic scenario for 2021, with countries such as Mexico, Colombia, and Argentina growing their GDP at least five percent.

As of 2023, Uruguay was the country in South America with the largest Gross Domestic Product per capita, with 21,377.63 US dollars. Guyana landed in second place, with 20,264.64 US dollars per capita. When it comes to the total GDP in South America, Brazil led the region this year with more than 2 trillion U.S. dollars.

The average for 2021 based on 8 countries was 34.49 percent. The highest value was in Colombia: 43.7 percent and the lowest value was in Bolivia: 30.3 percent. The indicator is available from 1963 to 2023. Below is a chart for all countries where data are available.

As of 2023, Brazil's Gross Domestic Product (GDP) amounted to more than 2.1 trillion US dollars. That amount was not only more than all other South American countries' GPDs combined, but also puts Brazil in 8th place worldwide. Argentina came in second, with around 621 billion USD this same year.

In 2024, the United States had the largest economy in the world, with a gross domestic product of just under 29 trillion U.S. dollars. China had the second largest economy, at around 18.5 trillion U.S. dollars. Recent adjustments in the list have seen Germany's economy overtake Japan's to become the third-largest in the world in 2023, while Brazil's economy moved ahead of Italy's in 2024. Global gross domestic product Global gross domestic product amounts to almost 110 trillion U.S. dollars, with the United States making up more than one-quarter of this figure alone. The 12 largest economies in the world include all Group of Seven (G7) economies, as well as the four largest BRICS economies. The U.S. has consistently had the world's largest economy since the interwar period, and while previous reports estimated it would be overtaken by China in the 2020s, more recent projections estimate the U.S. economy will remain the largest by a considerable margin going into the 2030s.The gross domestic product of a country is calculated by taking spending and trade into account, to show how much the country can produce in a certain amount of time, usually per year. It represents the value of all goods and services produced during that year. Those countries considered to have emerging or developing economies account for almost 60 percent of global gross domestic product, while advanced economies make up over 40 percent.

This dataset provides values for GDP PER CAPITA PPP reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

In 2017, Brazil’s gross domestic product reached 2.05 billion U.S. dollars, 63 percent of which came from the services sector. The service sector consists of the provision of services both to other businesses and to final consumers, and the service sector often encompasses transportation, distribution, and sale of goods.

Brazil’s position in the global economy

Nations with economies built on the service sector are considered more advanced than industrial or agricultural economies, and indeed, Brazil is considered an advanced emerging economy with the largest share of wealth in Latin America. Brazil has the eighth largest GDP in the world and is one of the BRICS states (Brazil, Russia, India, China, and South Africa) — certain countries with strong economic development and rising influence on regional affairs.

Brazil’s economic strengths and challenges

Brazil is also known for its agriculture and food production, with its main products including soybeans, beef, and coffee. As of 2018, Brazil is the leading producer of coffee, at over 61 thousand 60 kilogram bags. The country has an estimated 21.8 trillion U.S. dollars of natural resource commodities, including, gold, iron, oil, and timber. However,retrieving them often happens at the expense of the environment, including ongoing deforestation in the Amazon Basin, which contains the largest rainforest in the world.

The average for 2021 based on 7 countries was 959 metric tons. The highest value was in Peru: 3310 metric tons and the lowest value was in Ecuador: 2 metric tons. The indicator is available from 2002 to 2021. Below is a chart for all countries where data are available.

The average for 2022 based on 11 countries was 1026.03 million U.S. dollars. The highest value was in Brazil: 7651.75 million U.S. dollars and the lowest value was in Guyana: 0.11 million U.S. dollars. The indicator is available from 2007 to 2022. Below is a chart for all countries where data are available.

According to a study, the global economy is expected to face a negative deviation in GDP growth due to climate change by the year 2048. The largest economies in Latin America are no exception: Mexico, for instance, is projected to experience a decrease of almost 0.6 percent in its real GDP, in a scenario where global temperatures increase by 4.1 degrees Celsius, compared to the baseline period from 1986 to 2005. In this same scenario, Colombia would face a decrease of almost one percent in its real GDP by 2048.

The South America Aviation Fuel Market size was valued at USD 8.50 Billion in 2023 and is projected to reach USD 14.75 Billion by 2031, growing at a CAGR of 7.1% from 2024 to 2031.

Key Market Drivers:

Increasing Air Travel Demand: The growing middle class and disposable income in South America are driving a surge in air travel demand, with passenger traffic in Latin America expected to grow by 5.3% annually over the next decade, leading to a higher demand for aviation fuel to support the growing number of flights across the region.

Economic Growth and Regional Connectivity: Economic growth in Brazil, Argentina, and Chile is increasing regional connectivity and increasing aviation fuel demand. The Economic Commission for Latin America and the Caribbean reported a 3.2% GDP growth in 2023, leading to increased reliance on air travel for connectivity and fuel consumption for airlines operating in and out of South America.

The average for 2024 based on 12 countries was 20.91 percent. The highest value was in Argentina: 139.71 percent and the lowest value was in Peru: 2.44 percent. The indicator is available from 1980 to 2028. Below is a chart for all countries where data are available.

The average for 2021 based on 10 countries was 20.55 percent. The highest value was in Brazil: 40.43 percent and the lowest value was in Paraguay: 3.24 percent. The indicator is available from 2011 to 2021. Below is a chart for all countries where data are available.