In 2025, 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 2.3 trillion U.S. dollars, whereas Mexico's amounted to almost 1.8 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.

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.

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.

In 2024, Mexico ranked as the country with the second-best economic performance amongst the seven Latin American nations included in the ranking, with a index score of ***** in a scale from * to 100, only behind Puerto Rico. Venezuela obtained the worst score in this macro-economic evaluation of the domestic economy, at ***** index points.

The average for 2024 based on 11 countries was 12338.87 U.S. dollars. The highest value was in Guyana: 29883.63 U.S. dollars and the lowest value was in Bolivia: 4001.21 U.S. dollars. The indicator is available from 1960 to 2024. Below is a chart for all countries where data are available.

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.

The average for 2024 based on 19 countries was 19884 U.S. dollars. The highest value was in Puerto Rico: 44125 U.S. dollars and the lowest value was in Haiti: 2801 U.S. dollars. The indicator is available from 1990 to 2024. Below is a chart for all countries where data are available.

The average for 2023 based on 12 countries was -0.37 points. The highest value was in Uruguay: 0.85 points and the lowest value was in Venezuela: -1.6 points. The indicator is available from 1996 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.

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

As of April 2021, Mexico's gross domestic product (GDP) was forecasted to increase by five percent during 2021. Mexico was one of the Latin American countries that faced the worst recession after the COVID-19 pandemic, as its GDP fell over eight percent in 2020. Among the biggest economies in the region, Brazil was expected to experience one of the lowest GDP growth in 2021, at around 3.7 percent.

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Background: Trade openness shows a positive impact on economic growth, supported by economic theory, and export diversification and economic complexity show a positive dynamic in trade openness in the world; however, a specificity is generated in South American countries. Therefore, the objective of the research is to analyse the macroeconomic determinants of trade openness in Latin American countries.

Methods: The research approach was quantitative and explanatory using panel data methodology from the databases of the World Bank, Harvard University and the Economic Commission for Latin America and the Caribbean for the period 2000-2020.

Results: The fixed effects panel data model showed that the variables that had a negative impact on trade openness were GDP, the economic complexity index and the logistic performance index, while the variables that had a positive impact were exports of high-tech products (a proxy for innovation), exports, imports, research and development expenditure and interregional trade in goods.

Conclusions: Therefore, during the analysis period of 2000-2020 in South America, based on the panel data analysis under fixed effects, a total of 8 countries had a negative impact on trade openness, and only the economies of Chile, French Guiana, and Brazil had a positive impact on trade openness; these economies are characterized by their better performance in the economic complexity index, their higher percentage of budget for research and development expenses, and their trade policies oriented towards the industrialization of their value-added products.

List of Top Disciplines of Latin American Political Economy sorted by citations.

Techsalerator’s Import/Export Trade Data for Latin America

Techsalerator’s Import/Export Trade Data for Latin America delivers an extensive and detailed analysis of trade activities throughout the Latin American region. This comprehensive dataset provides valuable insights into import and export transactions involving companies across various sectors within Latin America.

Coverage Across All Latin American Countries

The dataset encompasses all countries in Latin America, including:

Argentina Bolivia Brazil Chile Colombia Ecuador Guyana Paraguay Peru Suriname Uruguay Venezuela Additionally, it includes countries in Central America and the Caribbean:

Belize Costa Rica El Salvador Guatemala Honduras Nicaragua Panama Cuba Dominican Republic Haiti Jamaica Trinidad and Tobago Comprehensive Data Features

Transaction Details: The dataset provides detailed information on individual trade transactions, including product descriptions, quantities, values, and dates. This allows for precise tracking of trade flows and patterns.

Company Information: It includes specific details about the companies involved in trade, such as company names, locations, and industry sectors, facilitating targeted market research and business analysis.

Categorization: Transactions are categorized by industry sectors, product types, and trade partners. This helps in understanding market dynamics and sector-specific trends within the region.

Trade Trends: Users can analyze historical data to observe trends and shifts in trade volumes, identify emerging markets, and assess the impact of economic or political events on trade patterns.

Geographical Insights: The data offers insights into regional trade flows and the relationships between Latin American countries and their global trade partners, including major trading nations outside the region.

Regulatory and Compliance Data: The dataset includes information on trade regulations, tariffs, and compliance requirements, aiding businesses in navigating the regulatory landscape of international trade within Latin America.

Applications and Benefits

Market Research: Businesses can utilize the data to uncover new market opportunities, analyze competitive landscapes, and understand consumer demand across various Latin American countries.

Strategic Planning: Companies can leverage insights from the data to refine trade strategies, optimize supply chains, and mitigate risks associated with international trade in the region.

Economic Analysis: Analysts and policymakers can use the data to monitor economic performance, evaluate trade balances, and make informed decisions on trade policies and economic development initiatives.

Investment Decisions: Investors can assess trade trends and market potentials to make informed decisions about investments in Latin America’s diverse economies.

Techsalerator’s Import/Export Trade Data for Latin America provides a crucial resource for organizations involved in international trade, offering a detailed, reliable, and expansive view of trade activities across the Latin American continent.

List of Top Disciplines of Latin American Economic Outlook sorted by citations.

The average for 2019 based on 10 countries was 3.57 points. The highest value was in Chile: 5.2 points and the lowest value was in Paraguay: 2.6 points. The indicator is available from 2006 to 2019. Below is a chart for all countries where data are available.

Trade promotion agencies in various countries mainly assist domestic industry players to expand foreign trade, and work with industry players to pursue the steady development of the national economy. They are the industry's best partners in expanding trade and advocates of the government's strong public policies. The data set includes fields such as serial number, country, country, organization name, website link (Optional), etc.

List of Top Institutions of Latin American Political Economy sorted by citations.

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.