This is a list of Latin American and Caribbean countries by gross domestic product (nominal) in USD according to the International Monetary Fund's estimates in the October 2018 World Economic Outlook database.
(millions of US$)
|GDP (nominal) per|
|18||Trinidad and Tobago||24,162||17,491|
|28||Antigua and Barbuda||1,612||17,476|
|30||Saint Kitts and Nevis||1,062||18,789|
|31||Saint Vincent and the Grenadines||867||7,846|
This is a list of the central banks and currencies of the Caribbean.
There are a number of currencies serving multiple territories; the most widespread are the East Caribbean dollar (8 countries and territories), the United States dollar (5) and the euro (4).
Surrounding countries and territoriesEastern Caribbean Central Bank
The Eastern Caribbean Central Bank (ECCB) is the central bank for the Eastern Caribbean dollar and is the monetary authority for the members of the Organisation of Eastern Caribbean States (OECS), with the exception of the British Virgin Islands and Martinique. Two of its core mandates are to maintain price and financial sector stability, by acting as a stabilizer and safe-guard of the banking system in the Eastern Caribbean Economic and Currency Union (OECS/ECCU.) It was founded in October 1983 with the goal of maintaining the stability and integrity of the subregion's currency and banking system in order to facilitate the balanced growth and development of its member states.
The bank is headquartered in Basseterre, St. Kitts, and is currently overseen by Mr. Timothy Antoine, the Bank Governor. Prior to assuming his post in February 2016, the bank was overseen by the late Sir K. Dwight Venner. In early 2015, the bank announced plans to phase out the production of the 1 and 2 cent pieces. The date was finalised as July 1, 2015. When a motive was sought, it was stated that it takes about six cents to make one cent pieces and about eight cents to make a 2 cent piece.Economy of Antigua and Barbuda
Antigua and Barbuda's economy is service-based, with tourism and government services representing the key sources of employment and income. Tourism accounts directly or indirectly for more than half of GDP and is also the principal earner of foreign exchange in Antigua and Barbuda. However, a series of violent hurricanes since 1995 resulted in serious damage to tourist infrastructure and periods of sharp reductions in visitor numbers. In 1999 the budding offshore financial sector was seriously hurt by financial sanctions imposed by the United States and United Kingdom as a result of the loosening of its money-laundering controls. The government has made efforts to comply with international demands in order to get the sanctions lifted. The dual island nation's agricultural production is mainly directed to the domestic market; the sector is constrained by the limited water supply and labor shortages that reflect the pull of higher wages in tourism and construction. Manufacturing comprises enclave-type assembly for export with major products being bedding, handicrafts, and electronic components. Prospects for economic growth in the medium term will continue to depend on income growth in the industrialized world, especially in the US, which accounts for about one-third of all tourist arrivals. Estimated overall economic growth for 2000 was 2.5%. Inflation has trended down going from above 2 percent in the 1995-99 period and estimated at 0 percent in 2000.
To lessen its vulnerability to natural disasters, Antigua has been diversifying its economy. Transportation, communications and financial services are becoming important.
Antigua is a member of the Eastern Caribbean Currency Union (ECCU). The Eastern Caribbean Central Bank (ECCB) issues a common currency (the East Caribbean dollar) for all members of the ECCU. The ECCB also manages monetary policy, and regulates and supervises commercial banking activities in its member countries.
Antigua and Barbuda is a beneficiary of the U.S. Caribbean Basin Initiative. Its 1998 exports to the U.S. were valued at about US $3 million and its U.S. imports totaled about US $84 million. It also belongs to the predominantly English-speaking Caribbean Community (CARICOM).Economy of Aruba
The economy of Aruba is an open system, with tourism currently providing the largest percentage of the country's income. Because of tourism's rapid growth in the last 80 years, related industries like construction have also flourished. Other primary industries include oil refining and storage, as well as offshore banking. Although the island's poor soil and low rainfall limit its agricultural prospects, aloe cultivation, livestock, and fishing contribute to Aruba's economy. In addition, the country also exports art and collectibles, machinery, electrical equipment, and transport equipment. Aruba's small labor force and low unemployment rate have led to a large number of unfilled job vacancies, despite sharp rises in wage rates in recent years.
With such a large part of its economy dependent on tourism, the Aruban government is striving to increase business in other sectors to protect against possible industry slumps. Their current focus is on expanding technology, finance, and communications.Economy of Belize
Belize has a small, essentially private enterprise economy that is based primarily on agriculture, tourism, and services. The cultivation of newly discovered oil in the town of Spanish Lookout has presented new prospects and problems for this developing nation. Belize's primary exports are citrus, sugar, and bananas. Belize's trade deficit has been growing, mostly as a result of low export prices for sugar and bananas.The new government faces important challenges to economic stability. Rapid action to improve tax collection has been promised, but a lack of progress in reining in spending could bring the exchange rate under pressure. The Belize Dollar is fixed to the U.S. dollar at a rate of 2:1.Domestic industry is limited, constrained by relatively high-cost labour and energy and a small domestic market. Tourism attracts the most foreign direct investment although significant foreign investment is also found in the energy, telecommunications, and agricultural sectors.Economy of Curaçao
Curaçao has one of the highest standards of living in the Caribbean, ranking 46th in the world in terms of GDP (PPP) per capita and 28th in the world in terms of nominal GDP per capita. It possesses a high income economy, as defined by the World Bank. The island has a well-developed infrastructure with strong tourism and financial services sectors. Shipping, international trade, oil refining, and other activities related to the port of Willemstad (like the Free Trade Zone) also make a significant contribution to the economy. To achieve the government's aim to make its economy more diverse, efforts are being made to attract more foreign investment. This policy, called the 'Open Arms' policy, features a heavy focus on information technology companies.Economy of Guyana
With a per capita gross domestic product of $8,300 in 2016 and an average GDP growth of 4.2% over the last decade. Guyana is one of the fastest developing countries in the Western Hemisphere. This is evident from the contrast between poor slum areas and elite residential areas with imperious mansions, often built within a few kilometers of one another.Economy of Haiti
Haiti is a free market economy with low labor costs and tariff-free access to the US for many of its exports. Its major trading partner is the United States. Haiti has preferential trade access to the US market through the Haiti Hemispheric Opportunity through Partnership Encouragement (HOPE) and Haiti Economic Lift Program Encouragement Acts (HELP) legislation, which allows duty-free access, for a variety of textiles, to the US market.
Haiti has an agricultural economy. Over half of the world's vetiver oil (an essential oil used in high-end perfumes) comes from Haiti, and bananas, cocoa, and mangoes are important export crops. Haiti has also moved to expand to higher-end manufacturing, producing Android-based tablets and current sensors and transformers.Vulnerability to natural disasters, as well as poverty and limited access to education are among Haiti's most serious disadvantages. Two-fifths of all Haitians depend on the agriculture sector, mainly small-scale subsistence farming, and remain vulnerable to damage from frequent natural disasters, exacerbated by the country's widespread deforestation. Haiti suffers from a severe trade deficit, which it is working to address by moving into higher-end manufacturing and more value-added products in the agriculture sector. Remittances are the primary source of foreign exchange, equaling nearly 20% of GDP. Haiti's economy was severely impacted by the 2010 Haiti earthquake which occurred on 12 January 2010.Economy of Saint Martin
The economy of Saint Martin, divided between the French Collectivity of Saint Martin (north side) and the Dutch Sint Maarten (south side), is primarily driven by tourism. For more than two centuries, exports have generally been salt and locally grown commodities, like sugar.
Tourism accounts for 80% of the economy and about four-fifths of the labor force is engaged in this sector. As an island in the Caribbean Sea, Saint Martin enjoys the kind of weather and natural geography that supports tourism. Its proximity to the rest of the Caribbean has also provided economic benefits with its largest airport, Princess Juliana International Airport on the Sint Maarten side, serving as the main gateway to the Leeward Islands and the larger post-Panamax cruise ships making regular stops to the island. The island offers duty-free shopping and there are few business restrictions to hinder growth. Though the French and Dutch parts differ slightly in terms of their economies and types of tourists, they share the Caribbean's largest lagoon, which is frequented by yachts.
Nearly 1.8 million visitors came to the island by cruise ship and roughly 500,000 visitors arrived through Princess Juliana International Airport in 2013. Cruise ships and yachts also call on Saint Martin's numerous ports and harbors. Limited agriculture and local fishing means that almost all food must be imported. Energy resources and manufactured goods are also imported. The Dutch territory of Sint Maarten has the highest per capita income among the five islands that formerly comprised the Netherlands Antilles.Economy of South America
The economy of South America comprises approximately 410 million people living in twelve nations and three territories. It encompasses 6 percent of the world's population.
From the 1930s to 1980s, countries of South America used Import Substitution, an economic policy which replaces foreign businesses as well as imports with domestic production. This was a policy made to produce more development and help grow domestic businesses, which are not competitive with other international industries. However, this policy created a debt crisis in South America.South America was falling farther behind the Western countries over the past two centuries. This can be explained by South America´s high concentration on primary commodities as well as the state of the educational system and institutional structure, some of which are still related to its colonial past, others to recent political developments.It was only from the 1990s when countries in South America switched over to the system of Free-Market economy. This eventually pulled countries in South America out of the debt crisis. Now, major economic activities include agriculture, industry, forestry, and mining.
In 2016, four countries, which include Brazil, Ecuador, Argentina and República Bolivariana de Venezuela experienced decline in output. Other countries in the region were observing slowdown in growth rates. Brazil saw this decline in output due to increasing unemployment level, worsening financial conditions and political issues, which, in turn, lead to decrease in private domestic consumption and investment. Argentina also experienced recession in private consumption and investment, however it was because of removal of public service subsidies due to short-term rise in inflation. In contrast, Peru differed from other countries in the region - demonstrating increase in growth rates thanks to copper production.
In 2017, the economy has started to recover for the first time since 2014. The main contributors to economic growth is private consumption. Increased retail trade and industrial production in Brazil has led to expansion of its economy by 1% in 2017. Higher public investments and private consumption have resulted in growth of economy of Argentina compared to its recession in 2016.
In 2017, inflation rates were observed to be in a downward trend in most of the major economies. The reasons are prior exchange rate appreciations and food price deflation. Some countries are even expected to lower their target bands in 2019.Economy of Suriname
Suriname was ranked the 124th safest investment destination in the world in the March 2011 Euromoney Country Risk rankings.Economy of Trinidad and Tobago
Trinidad and Tobago is the wealthiest country in the Caribbean as well as the third-richest country by GDP (PPP) per capita in the Americas. It is recognised as a high-income economy by the World Bank. Unlike most of the English-speaking Caribbean, the country's economy is primarily industrial, with an emphasis on petroleum and petrochemicals. The country's wealth is attributed to its large reserves and exploitation of oil and natural gas.Trinidad and Tobago has earned a reputation as an excellent investment site for international businesses and has one of the highest growth rates and per capita incomes in Latin America. Recent growth has been fueled by investments in liquefied natural gas (LNG) and petrochemicals. Additional petrochemical, aluminium, and plastics projects are in various stages of planning.
Trinidad and Tobago is the leading Caribbean producer of oil and gas, and its economy is heavily dependent upon these resources but it also supplies manufactured goods, notably food and beverages, as well as cement to the Caribbean region. Oil and gas account for about 40% of GDP and 80% of exports, but only 5% of employment.Economy of Uruguay
The economy of Uruguay is characterized by an export-oriented agricultural sector and a well-educated work force, along with high levels of social spending. After averaging growth of 5% annually during 1996–98, in 1999–2002 the economy suffered a major downturn, stemming largely from the spillover effects of the economic problems of its large neighbors, Argentina and Brazil. In 2001–02, Argentine citizens made massive withdrawals of dollars deposited in Uruguayan banks after bank deposits in Argentina were frozen, which led to a plunge in the Uruguayan peso, causing the 2002 Uruguay banking crisis.Economy of the Bahamas
The Bahamas is the richest country in the West Indies and the third wealthiest country in the Americas. It is a stable, developing nation in the Lucayan archipelago with a population of 391,232 (2016) and an economy heavily dependent on tourism and offshore banking. Steady growth in tourism receipts and a boom in construction of new hotels, resorts, and residences had led to solid GDP growth for many years, but the slowdown in the US economy and the attacks of September 11, 2001 held back growth in these sectors in 2001-03. Financial services constitute the second-most important sector of the Bahamian economy, accounting for about 15% of GDP. However, since December 2000, when the government enacted new regulations on the financial sector, many international businesses have left the Bahamas. Manufacturing and agriculture together contribute approximately 10% of GDP and show little growth, despite government incentives for those sectors. Overall growth prospects in the short run rest heavily on the fortunes of the tourism sector, which depends on growth in the US, the source of more than 80% of the visitors. In addition to tourism and banking, the government supports the development of a "2nd-pillar", e-commerce.Economy of the British Virgin Islands
The economy of the British Virgin Islands is one of the most prosperous in the Caribbean. Although tiny in absolute terms, because of the very small population of the British Virgin Islands, in 2010 the Territory had the 19th highest GDP per capita in the world according to the CIA World factbook. In global terms the size of the Territory's GDP measured in terms of purchasing power is ranked as 215th out of a total of 229 countries. The economy of the Territory is based upon the "twin pillars" of financial services, which generates approximately 60% of government revenues, and tourism, which generates nearly all of the rest.
Historically the British Virgin Islands has normally produced a Government budget surplus, but during the financial crisis of 2007–2008 the Territory began to run at a deficit, which continued after the global recession receded. In 2011 the Territory had its largest ever budget deficit, of US$29 million (approximately 2.6% of GDP). By 2012 public debt had quadrupled from pre-crisis levels to approximately US$113 million (approximately 10.3% of GDP). Nearly 84% of that public debt was attributable to a new public hospital built in Road Town between 2003 and 2014. The Economist argued that deteriorating economic conditions in the British Virgin Islands were caused "not [by] sagging revenues but public-sector profligacy". By 2014 public debt had been reduced to US$106 million and the annual deficit reduced to US$25 million (including budgeted capital expenditure).By 2016, the Government had returned to a primary budget surplus, but public debt had increased to approximately US$141 million and debt service accounted for over US$12 million of the primary surplus. However, because of an ongoing aggressive capital investment programme, and budget overruns on key public projects, the Government ran dangerously low on available cash. Cash in the consolidated fund fell below US$7 million (with average monthly expenditure at nearly US$30 million), and Government accrued over US$13 million in due but unpaid invoices.Economy of the Cayman Islands
The economy of the Cayman Islands, a British overseas territory located in the western Caribbean Sea, is mainly fueled by the tourism sector and by the financial services sector, together representing 50–60 percent of the country's gross domestic product (GDP). The Cayman Islands Investment Bureau, a government agency, has been established with the mandate of promoting investment and economic development in the territory.The emergence of what are now considered the Cayman Islands' "twin pillars of economic development" (tourism and international finance) started in the 1950s with the introduction of modern transportation and telecommunications.Economy of the Netherlands Antilles
The Netherlands Antilles was an autonomous Caribbean country within the Kingdom of the Netherlands, which was formally dissolved in 2010.List of Latin American and Caribbean countries by GDP (PPP)
This is a list of Latin American and Caribbean countries by gross domestic product at purchasing power parity in international dollars according to the International Monetary Fund's estimates in the October 2018 World Economic Outlook database.
The Latin American countries Brazil, Mexico, and Argentina accounted for over two-thirds of the region's total gross domestic product (GDP) at purchasing power parity (PPP) in 2019, while Caribbean and North Atlantic nations represented just over 1% of the region's total GDP (PPP). The Bahamas had the region's highest GDP (PPP) per capita, whereas Haiti had the lowest.
Cuba is not included in the list due to lack of economic data. Puerto Rico is not listed since it is a U.S. territory.List of Latin American and Caribbean countries by GDP growth
This is a list of estimates of the real gross domestic product growth rate (not rebased GDP) in Latin American and Caribbean states for the latest years recorded in the CIA World Factbook. States are not included if their latest growth estimate was for a year prior to 2014. The list contains some non-sovereign territories.
Economy of the Americas
|Purchasing power parity (PPP)|
|Gross national income (GNI)|
|Countries by region|
Economic classification of countries
|Gross domestic product (GDP)|
|Gross national income (GNI)|
|Other national accounts|
|Net international |
investment position (NIIP)