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.
|Real GDP Growth Rates in Latin America and the Caribbean|
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 Brazil
The Economy of Brazil is the world's ninth largest economy by nominal GDP and eighth largest by purchasing power parity. The Brazilian economy is characterized by a mixed economy that relies on import substitution to achieve economic growth. Brazil has an estimated US$21.8 trillion worth of natural resources which includes vast amounts of gold, uranium, iron, and timber.As of late 2010, Brazil's economy is the largest of Latin America and the second largest in the Americas. From 2000 to 2012, Brazil was one of the fastest-growing major economies in the world, with an average annual GDP growth rate of over 5%, with its economy in 2012 surpassing that of the United Kingdom, temporarily making Brazil the world's sixth largest economy. However, Brazil's economy growth decelerated in 2013
and the country entered a recession in 2014. In 2017, however, the economy started to recover, with a 1% GDP growth in the first quarter. In the second quarter, the economy grew 0.3% compared to the same period of the previous year, officially exiting the recession.
Brazil's economy has a gross domestic product (GDP) of R$6.559 trillion, or US$2.080 trillion nominal, according to the estimates by the International Monetary Fund (IMF), being ranked as the 8th largest economy in the world. It is the second largest in the American continent, only behind the United States' economy. According to the report of the International Monetary Fund of 2017, Brazil is the 65th country in the world in the ranking of GDP per capita, with a value of US$10,019 per inhabitant.
According to the World Economic Forum, Brazil was the top country in upward evolution of competitiveness in 2009, gaining eight positions among other countries, overcoming Russia for the first time, and partially closing the competitiveness gap with India and China among the BRIC economies. Important steps taken since the 1990s toward fiscal sustainability, as well as measures taken to liberalize and open the economy, have significantly boosted the country's competitiveness fundamentals, providing a better environment for private-sector development.In 2016 Forbes ranked Brazil as having the 12th largest number of billionaires in the world. Brazil is a member of diverse economic organizations, such as Mercosur, Unasul, G8+5, G20, WTO, Paris Club and the Cairns Group.
In 2017, Brazil is the third most unequal country in Latin America after Honduras and Colombia. The economic crisis, the lack of public policies and corruption are leading to an increase in poverty in 2017. Many retired civil servants no longer receive their pensions on time and some become homeless because they cannot pay their rent. In 2017, the richest 5% of Brazilians hold as much wealth as the remaining 95%. Six billionaires alone are richer than the 100 million poorest Brazilians.According to data from the Brazilian Institute of Geography and Statistics, extreme poverty increased by 11 per cent in 2017, while inequalities also increased again (the Gini index rose from 0.555 to 0.567). The reduction in the number of Bolsa Família beneficiaries decided by the government is the main cause, according to the study.Economy of Chile
Chile is ranked as a high-income economy by the World Bank, and is considered as South America's most stable and prosperous nation, leading Latin American nations in competitiveness, income per capita, globalization, economic freedom, and low perception of corruption. Although Chile has high economic inequality, as measured by the Gini index, it is close to the regional mean.In 2006, Chile became the country with the highest nominal GDP per capita in Latin America. In May 2010 Chile became the first South American country to join the OECD. Tax revenues, all together 20.2% of GDP in 2013, were the second lowest among the 34 OECD countries, and the lowest in 2010. Chile has an inequality-adjusted human development index of 0.661, compared to 0.662, 0.680 and 0.542 for neighboring Uruguay, Argentina and Brazil, respectively. In 2008, only 2.7% of the population lived on less than US$2 a day.The Global Competitiveness Report for 2009–2010 ranked Chile as being the 30th most competitive country in the world and the first in Latin America, well above Brazil (56th), Mexico (60th), and Argentina which ranks 85th; it has since fallen out of the top 30. The ease of doing business index, created by the World Bank, listed Chile as 34th in the world as of 2014, 41st for 2015, and 48th as of 2016. The privatized national pension system (AFP) has an estimated total domestic savings rate of approximately 21% of GDP.Economy of Colombia
Colombia is Latin America's fourth largest economy measured by gross domestic product.Petroleum is Colombia's main export, making over 45% of Colombia's exports. Manufacturing makes up nearly 12% of Colombia's exports, and grows at a rate of over 10% a year. Colombia has the fastest growing information technology industry in the world and has the longest fibre optic network in Latin America. Colombia also has one of the largest shipbuilding industries in the world outside Asia.
Colombia over the last decade has experienced a historic economic boom. In 1990, Colombia was Latin America's 5th largest economy and had a GDP per capita of only US$1,500, by 2015 it became the 4th largest in Latin America, and the world's 31st largest. As of 2015 the GDP (PPP) per capita has increased to over US$14,000, and GDP (PPP) increased from US$120 billion in 1990 to nearly US$700 billion. Poverty levels were as high as 65% in 1990, but decreased to under 24% by 2015.Modern industries like shipbuilding, electronics, automobile, tourism, construction, and mining, grew dramatically during the 2000s and 2010s, however, most of Colombia's exports are still commodity-based. Colombia is Latin America's 2nd-largest producer of domestically-made electronics and appliances only behind Mexico. Colombia had the fastest growing major economy in the western world in 2014, behind only China worldwide.Since the early 2010s, the Colombian government has shown interest in exporting modern Colombian pop culture to the world (which includes video games, music, movies, TV shows, fashion, cosmetics, and food) as a way of diversifying the economy and entirely changing the image of Colombia; a national campaign similar to the Korean Wave. In the Hispanic world, Colombia is only behind Mexico in cultural exports and is already a regional leader in cosmetic and beauty exports.The number of tourists in Colombia grows by over 12% every year. Colombia is projected to have over 15 million tourists by 2023.Economy of Cuba
Cuba has a planned economy dominated by state-run enterprises. The Cuban government owns and operates most industries and most of the labor force is employed by the state. Following the fall of the Soviet Union in 1991, the ruling Communist Party of Cuba encouraged the formation of worker co-operatives and self-employment.
As of 2000 public-sector employment was 76% and private-sector employment (mainly composed of self-employment) was 23% - compared to the 1981 ratio of 91% to 8%. Investment is restricted and requires approval by the government. The government sets most prices and rations goods to citizens. In 2016 Cuba ranked 68th out of 182 countries, with a Human Development Index of 0.775, much higher than its GDP per capita rank (95th). As of 2012 the country's public debt comprised 35.3% of GDP, inflation (CDP) was 5.5%, and GDP growth was 3%.Housing and transportation costs are low. Cubans receive government-subsidized education, healthcare and food subsidies.The country achieved a more even distribution of income after the Cuban Revolution of 1953-1959, which was followed by an economic embargo by the United States (1960- ). Following the collapse of the Soviet Union, Cuba's GDP declined by 33% between 1990 and 1993, partially due to loss of Soviet subsidies and to a crash in sugar prices in the early 1990s. Cuba retains high levels of healthcare and education.Economy of Ecuador
The economy of Ecuador is the eighth largest in Latin America and the 69th largest in the world by total GDP. Ecuador’s Economy is based on the export of oil, bananas, shrimp, gold, other primary agricultural products and money transfers from Ecuadorian emigrants employed abroad. In 2017, remittances constituted 2.7% of country's GDP. The total trade amounted to 42% of the Ecuador’s GDP in 2017. The country is substantially dependent on its petroleum resources. In 2017, oil accounted for about one-third of public-sector revenue and 32% of export earnings. Ecuador is one of OPEC's smallest members and produced about 531,300 barrels per day of petroleum in 2017. It is the world's largest exporter of bananas ($3.38 billion in 2017) and a major exporter of shrimp ($3.06 billion in 2017). Exports of non-traditional products such as cut flowers ($846 million in 2017) and canned fish ($1.18 billion in 2017) have grown in recent years. In the past, Ecuador’s economy depended largely on primary industries like agriculture, petroleum, and aquaculture. As a result of shifts in global market trends and development of technology have led to the economic development of other sectors like textile, processed food, metallurgy and the service sectors. Between 2006 and 2014, GDP growth averaged 4.3%, driven by high oil prices and external financing. From 2015 until 2018 GDP growth averaged just 0.6%. Ecuador's president, Lenín Moreno, has launched a radical transformation of Ecuador’s economy since taking office in May 2017. The aim is to increase the private sector’s weight, in particular the oil industry. The International Monetary Fund approved an agreement with Ecuador in March 2019. This arrangement would provide support ($10 billion) for the Ecuadorian government’s economic policies over three years (2018-2021 Prosperity Plan).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 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 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 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.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 (nominal)
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.
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.
Economy of the Americas
|Purchasing power parity (PPP)|
|Gross national income (GNI)|
|Countries by region|
Economic classification of countries
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investment position (NIIP)