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.

Historical chart and dataset showing Latin America & Caribbean gdp growth rate by year from 1961 to 2023.

The average for 2023 based on 18 countries was -4.91 percent. The highest value was in Puerto Rico: 6.12 percent and the lowest value was in Honduras: -23.93 percent. The indicator is available from 1960 to 2023. Below is a chart for all countries where data are available.

This statistic shows gross domestic product (GDP) of Latin America and the Caribbean from 2020 to 2030 in billion U.S. dollars. In 2024, Latin America and the Caribbean's GDP amounted to about 6.76 trillion U.S. dollars.

Graph and download economic data for Gross Domestic Product: All Income Levels for Latin America and Caribbean (NYGDPMKTPCDLCN) from 1960 to 2023 about Caribbean Economies, Latin America, gross, domestic, production, and income.

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

This statistic shows the share of economic sectors in gross domestic product (GDP) in Latin America & Caribbean from 2014 to 2024. In 2024, the share of agriculture in Latin America & Caribbean's gross domestic product was 6.26 percent, industry contributed approximately 30.32 percent and the services sector contributed approximately 65.55 percent.

The average for 2023 based on 19 countries was 0.33 percent. The highest value was in Brazil: 2.08 percent and the lowest value was in Haiti: 0.02 percent. The indicator is available from 1980 to 2023. Below is a chart for all countries where data are available.

In Latin America and the Caribbean, Brazil had the largest services industry based on the added value it generated for the country's gross domestic product (GDP) in 2023. This contribution was approximately 1.2 trillion U.S. dollars in Brazil, whereas in Mexico the services sector accounted for roughly 815 billion U.S. dollars of value added to GDP.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.

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.

GDP per capita (constant 2015 US$) in Latin America & Caribbean (excluding high income) was reported at 8350 USD in 2022, according to the World Bank collection of development indicators, compiled from officially recognized sources. Latin America & Caribbean (excluding high income) - GDP per capita (constant 2000 US$) - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

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

GDP per capita (constant 2015 US$) in Latin America & Caribbean was reported at 8861 USD in 2022, according to the World Bank collection of development indicators, compiled from officially recognized sources. Latin America & Caribbean - GDP per capita (constant 2000 US$) - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

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.

The average for 2023 based on 19 countries was 9351.03 U.S. dollars. The highest value was in Puerto Rico: 30122.84 U.S. dollars and the lowest value was in Haiti: 1210.03 U.S. dollars. The indicator is available from 1960 to 2023. Below is a chart for all countries where data are available.

In 2024, Panama was estimated to be the most tourism-dependent economy in Latin America, with the sector accounting for 15.3 percent of its gross domestic product (GDP). El Salvador followed in the ranking that year, with a share of tourism contribution to GDP above 15 percent too.

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

The average for 2023 based on 18 countries was 8.01 percent. The highest value was in Nicaragua: 26.18 percent and the lowest value was in Chile: 0.02 percent. The indicator is available from 1970 to 2023. Below is a chart for all countries where data are available.

Gross Domestic Product Per Capita: All Income Levels for Latin America and Caribbean was 10796.86237 Current $ in January of 2023, according to the United States Federal Reserve. Historically, Gross Domestic Product Per Capita: All Income Levels for Latin America and Caribbean reached a record high of 10796.86237 in January of 2023 and a record low of 371.37095 in January of 1960. Trading Economics provides the current actual value, an historical data chart and related indicators for Gross Domestic Product Per Capita: All Income Levels for Latin America and Caribbean - last updated from the United States Federal Reserve on July of 2025.