Economy of South America

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Economy of South America
Population 358,941,000 (2010)[N 1][N 2]
GDP nominal: US$3.205 trillion (2010)[N 1][N 2]
PPP: $3.990 trillion (2010)[N 1][N 2]
GDP growth Per capita: 5.5% (2008)[N 3][N 2][N 4]
GDP per capita nominal: US$8,929 (2010)[N 1][N 2]
PPP: US$11,115 (2010)[N 1][N 2]
Millionaires (US$) 400,000 (0.07%)[N 5]
Unemployment 9% (2002)[N 5]
Income of top 1% 44.37%[N 5]

See also: Economy of the world – Economy of Africa – Economy of Asia – Economy of Europe – Economy of North America – Economy of Oceania – Economy of South America

The economy of South America comprises around 382 million people living in twelve nations and three territories. It contributes 6 percent of the world's population.

Contents

Economic development [edit]

São Paulo, Brazil. One of the financial centers of South America, and also the fifth biggest city in the world. See List of metropolitan areas by population.

Since the 1990s, South America has experienced great economic development, with Venezuela, Colombia, Argentina, Uruguay and Peru growing their economies by over 8% per annum. Brazil's economy, on the other hand, is expected to grow by a more sluggish pace in the near future.[1]

South America relies heavily on the exporting of goods. On an exchange rate basis Brazil (the seventh largest economy in the world and the second largest in the Americas) leads the way in total amount of exports at $137.8 billion dollars followed by Chile at $58.12 billion and Argentina with $46.46 billion.[2]

GDP ranks as of 2011 [edit]

GDP (PPP) 2011
Note: French Guiana, unlisted here, had a total GDP of US$3.52 billion in 2006.[3]

Rank in world Country GDP
6  Brazil $2,616,986 million
21  Argentina $694,690 million
26  Colombia $484,960 million
34  Venezuela $369,324 million
41  Peru $300,114 million
44  Chile $281,368 million
62  Ecuador $125,066 million
88  Uruguay $52,111 million
89  Bolivia $51,478 million
100  Paraguay $36,235 million
152  Guyana $5,842 million
154  Suriname $5,069 million
Source: CIA World Factbook[4]

GDP per capita (PPP) 2011

Gross Domestic Product per Capita of South American Countries

Note: French Guiana, unlisted here, had a GDP per capita of US$17,336 in 2006.[3]

Rank in world Country GDP
per capita
52  Argentina $17,376
57  Chile $16,171
61  Uruguay $15,469
71  Venezuela $12,407
76  Brazil $11,845
85  Peru $10,001
86  Colombia $9,992
87  Suriname $9,492
92  Ecuador $8,335
98  Guyana $7,541
110  Paraguay $5,548
119  Bolivia $4,843
Source: List of countries by GDP (PPP) per capita

GNI per capita (PPP) [edit]

Gross National Income per Capita of South American Countries
  • Gross national income (GNI) at PPP is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad.
Country GNI
per capita
(PPP)
 Chile $19,474
 Argentina $18,709
 Uruguay $16,728
 Brazil $12,340
 Venezuela $11,950
 Peru $11,403
 Colombia $11,284
 Ecuador $10,517
 Peru $11,403
 Suriname $7,610
 Paraguay $5,430
 Bolivia $4,560
 Guyana $3,530
Source: World Bank, 1 July 2011 [5]

External debt 2009 [edit]

  • External debt (or foreign debt) is that part of the total debt in a country that is owed to creditors outside the country. The debtors can be the government, corporations or private households. The debt includes money owed to private commercial banks, other governments, or international financial institutions such as the International Monetary Fund and World Bank.
Rank in world Country External Debt
26  Brazil $216.1 billion
33  Argentina $118.0 billion
47  Chile $49.18 billion
48  Colombia $46.44 billion
49  Venezuela $43.30 billion
63  Peru $27.81 billion
73  Ecuador $13.28 billion
75  Uruguay $12.61 billion
108  Bolivia $3.80 billion
117  Paraguay $3.220 billion
152  Guyana $804.3 million (30 September 2008 est.)
159  Suriname $504.3 million (2005 est.)
Source: CIA World Factbook[6]

Annual economic growth [edit]

  • Estimated 2011 according to the CIA.
Country Annual economic growth (%)
 Peru 6.2%
 Uruguay 6.0%
 Argentina 8.0%
 Colombia 4.9%
 Chile 6.5%
 Suriname 5.0%
 Bolivia 5.0%
 Paraguay 6.4%
 Brazil 2.8%
 Guyana 5.3%
 Ecuador 7.8%
 Venezuela 2.8%
Source: List of countries by GDP (real) growth rate[7]

National banks offer other figures.

Unemployment rate (lowest to highest) [edit]

Unemployment rate
(%)

 Brazil 5.4
 Peru 6.6
 Uruguay 6.7
 Paraguay 7.0
 Chile 7.1
 Argentina 7.8
 Bolivia 7.8
 Venezuela 8.5
 Ecuador 8.6
 Suriname 9.5
 Colombia 10.9
 Guyana 11.0
Source: CIA World Factbook[8]

Poverty line (lowest to highest) [edit]

Country ECLAC[9] Year Factbook[10] Year
 Chile 11.5 2009 11.5 2009
 Uruguay 10.7 2009 20.9 2009
 Argentina 11.3 2009 30 2010
 Brazil 21.40 2009 26 2008
 Venezuela 27.6 2008 37.9 2005 est.
 Peru 34.8 2009 34.8 2009
 Ecuador 40.2 2009 33.1 June 2010
 Paraguay 56.0 2009 18.8 2009
 Bolivia 54.0 2007 30.3 2009 est.
 Colombia 34.1 2011 34.1 2011
 Suriname — — 70 2002 est.
 Guyana — — — —

Annual inflation [edit]

Country Annual inflation(%)
 Peru 1.80%
 Ecuador 2.20%
 Brazil 6.60%
 Chile 4.40%
 Colombia 3.30%
 Suriname 6.40%
 Paraguay 8.10%
 Uruguay 8.10%
 Bolivia 8.70%
 Argentina 8.80%
 Guyana 12.20%
 Venezuela 23.70%
Source: CIA World Factbook[11]

Public debt (lowest to highest) [edit]

  • Refers to what is owed by the combined public sector to both domestic and foreign creditors.
Country Public debt (% of GDP)
 Chile 6.10
 Venezuela 18.0
 Ecuador 22.10
 Paraguay 24.10
 Peru 24.80
 Bolivia 42.00
 Colombia 45.80
 Argentina 48.60
 Uruguay 56.60
 Brazil 60.00
 Guyana N/A
 Suriname N/A
Source: CIA World Factbook[12]

Trade blocks [edit]

The biggest trade block in South America is Mercosur (or Mercosul in Portuguese), comprising Argentina, Brazil, Paraguay, Uruguay and Venezuela. Associate states include Bolivia, Chile, Colombia, Ecuador and Peru. The second-biggest trade bloc is the Andean Community of Nations comprising Bolivia, Colombia, Ecuador, Peru, Venezuela and as of 2006 Chile. The Union of South American Nations is expected to merge both trade blocs.

Currency [edit]

Below is a list of the currencies of South America, with exchange rates between each currency and both the euro and US dollars.

Country Currency 1 Euro = 1 USD = Central bank
 Argentina Argentine peso (ARS) 5.72079 4.34950 Central Bank of Argentina [1]
 Bolivia Bolivian boliviano (BOB) 9.02081 6.86000 Central Bank of Bolivia [2]
 Brazil Brazilian real (BRL) 2.25592 1.71577 Central Bank of Brazil [3]
 Chile Chilean peso (CLP) 635.134 483.050 Central Bank of Chile [4]
 Colombia Colombian peso (COP) 2,353.40 1,790.00 Bank of the Republic [5]
 Ecuador U.S. dollar (USD) 1.46611 1 Federal Reserve [6]
 Guyana Guyanese dollar (GYD) 264.192 200.950 Bank of Guyana [7]
 Paraguay Paraguayan guaraní (PYG) 4,500.00 5,916.27 Central Bank of Paraguay [8]
 Peru Peruvian nuevo sol (PEN) 3.53004 2.68500 Central Reserve Bank of Peru [9]
 Suriname Surinamese dollar (SRD) 4.27296 3.25000 Central Bank of Suriname [10]
 Uruguay Uruguayan peso (UYU) 25.3797 19.3000 Central Bank of Uruguay [11]
 Venezuela Venezuelan bolívar fuerte (VEF) 5.65462 4.30000 Central Bank of Venezuela [12]

Table correct as of February 15, 2012; click price to obtain a current quote

Country Currency 1 Euro = 1 USD = Central bank
 Argentina Argentine peso (ARS) 5.65 4.20 Central Bank of Argentina [13]
 Bolivia Bolivian boliviano (BOB) 11.0985 7.57080 Central Bank of Bolivia [14]
 Brazil Brazilian real (BRL) 2.58963 1.76650 Central Bank of Brazil [15]
 Chile Chilean peso (CLP) 701.020 $507.580 Central Bank of Chile [16]
 Colombia Colombian peso (COP) 2,593.20 1,885.74 Bank of the Republic [17]
 Ecuador U.S. dollar (USD) 1.46611 1 Federal Reserve [18]
 Guyana Guyanese dollar (GYD) 297.547 202.950 Bank of Guyana [19]
 Paraguay Paraguayan guaraní (PYG) 6,802.74 4,640.00 Central Bank of Paraguay [20]
 Peru Peruvian nuevo sol (PEN) 4.26966 2.72440 Central Reserve Bank of Peru [21]
 Suriname Surinamese dollar (SRD) 4.10543 2.80000 Central Bank of Suriname [22]
 Uruguay Uruguayan peso (UYU) 31.1529 21.2470 Central Bank of Uruguay [23]
 Venezuela Venezuelan bolívar fuerte (VEF) 6.16331 4.30000 Central Bank of Venezuela [24]

Table correct as of June 20, 2011; click price to obtain a current quote

References [edit]

Economic sectors [edit]

Agriculture [edit]

Main products include: Coffee, soybeans, wheat, rice, corn, sugarcane, cocoa, citrus, beef, bananas and shrimp are also important agricultural products for many countries

Manufacturing [edit]

Industries are also important to South America’s economy. Most South American factories produce food items, consumer goods, or building materials. Countries like Brazil, Argentina, Chile and Colombia also produce more value-added goods. Moreover, Brazil is by far the largest manufacturing country in the continent. It possesses a diversificated industrial base ranging from siderurgy to automobiles and aerospace. An important factor that is crucial to the success of industries is importing and exporting. The Mercosul common market is the most important economic bloc in the region and has helped to foster trade between its members. The Andean Community mimics such cooperation, however, due to the several factors such as the small size of the members economies, it does not have the same proeminence as Mercosul.

Transport [edit]

At the beginning of August 2008 Venezuelan president Hugo Chávez and his colleagues from Argentina and Brazil spoke about Latin American integration and Chavez threw an ambitious idea out: a train that would connect Venezuela's capital (Caracas) with Argentina's (Buenos Aires), and cities in between.[13]

Economy by country [edit]

Economy of:

Economic history of:

See also [edit]

Notes [edit]

  1. ^ a b c d e International Monetary Fund
  2. ^ a b c d e f Excludes French Guiana
  3. ^ ECLAC
  4. ^ Excludes Guyana and Suriname
  5. ^ a b c NationMaster

References [edit]

  1. ^ http://www.drclas.harvard.edu/revista/articles/view/160
  2. ^ CIA - The World Factbook - Rank Order - Exports
  3. ^ a b (French) INSEE-CEROM. "Les comptes économiques de la Guyane en 2006 : premiers résultats". Retrieved 2008-01-14. 
  4. ^ List of countries by GDP (PPP)
  5. ^ http://siteresources.worldbank.org/DATASTATISTICS/Resources/GNIPC.pdf
  6. ^ CIA - The World Factbook - Rank Order - Debt - external
  7. ^ CIA - The World Factbook - Rank Order - GDP - real growth rate
  8. ^ CIA - The World Factbook - Rank Order - Unemployment rate
  9. ^ Panorama social de América Latina, ECLAC, 2010.
  10. ^ CIA - The World Factbook - Field Listing - Population below poverty line
  11. ^ https://www.cia.gov/library/publications/the-world-factbook/rankorder/2092rank.html
  12. ^ CIA - The World Factbook - Rank Order - Public debt
  13. ^ http://www.treehugger.com/files/2008/09/train-to-cross-south-america-southern-train-venezuela-argentina.php
Member states
Emblem of UNASUR
Summits
Topics
Economy of South America
Sovereign states
Dependencies and
other territories
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