Economy of South America

From Wikipedia, the free encyclopedia
Jump to: navigation, search
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]
400,000 (0.07%)[N 5]
Unemployment 9% (2002)[N 5]
Top 10% income
44.37%[N 5]

All values, unless otherwise stated, are in US dollars.

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.

From the 1930s to 1980s, countries of South America used what is called the Import Substitution. Import Substitution is 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 the South America.[1]

It was only from 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, forestry, and mining.

Economic sectors[edit]


The main agricultural products include: Coffee, soybeans, wheat, rice, corn, sugarcane, cocoa, citrus, beef, bananas and shrimp are also important agricultural products for many countries.[clarification needed]


Chile contributes about a third of the world copper production. Brazil is the world’s leading producer of niobium and tantalum, and Peru is the largest silver producer and the second-ranked producer of bismuth and copper. [2]

Economy by country[edit]

Economy of:

Economic history of:

See also[edit]



  1. ^ "Encyclopedia Britannica". South America. Encyclopædia Britannica Inc. Retrieved 17 June 2015. 
  2. ^ [1]