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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% of the world's population.

Contents

[edit] Economic development

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 1990's, 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]

[edit] GDP ranks as of 2011

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
8  Brazil $2,309,138 million
22  Argentina $710,690 million
28  Colombia $467,670 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
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 $9,592
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

[edit] GNI per capita

  • Gross national income (GNI) 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. GNI per capita is
Country GNI
per capita
 Chile $9,460
 Uruguay $9,400
 Brazil $8,070
 Argentina $7,600
 Peru $5,613
 Colombia $4,950
 Ecuador $3,940
 Suriname $3,200
 Paraguay $2,280
 Bolivia $1,630
 Guyana $1,450
Source: World Bank[5]

[edit] External debt 2009

  • 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]

[edit] Annual economic growth

  • Expected for 2010 according to the CIA.
Country Annual economic growth (%)
 Bolivia 4.2%
 Guyana 3.6%
 Suriname 4.4%
 Uruguay 8.5%
 Peru 8.8%
 Colombia 4.3%
 Brazil 7.5%
 Ecuador 3.2%
 Chile 5.3%
 Argentina 7.5%
 Venezuela -1.9%
 Paraguay 15.3%
Source: List of countries by GDP (real) growth rate[7]

National banks offer other figures.

[edit] Unemployment rate (lowest to highest)

Unemployment rate
(%)

 Paraguay 5.6
 Uruguay 7.6
 Argentina 7.1
 Venezuela 7.9
 Ecuador 8.5
 Peru 8.1
 Brazil 8.1
 Bolivia 8.5
 Suriname 9.5
 Chile 9.6
 Colombia 10.8
 Guyana N/A
Source: CIA World Factbook[8]

[edit] Poverty line (lowest to highest)

Year of
estimate		 Country Population below
poverty line (%)
2009  Chile 11.5[9]
2009  Paraguay 18.8
2009  Uruguay 20.9
2008  Brazil 26
2010  Argentina 30
2010  Peru 30 [10]
2010  Ecuador 33.1
2011  Colombia 37.2 [11]
2005  Venezuela 37.9
2011  Bolivia 49.0 [12]
2002  Suriname 70
N/A  Guyana -
Source: CIA World Factbook[13]

[edit] Annual inflation

Country Annual inflation(%)
 Peru 1.80%
 Ecuador 2.20%
 Brazil 3.60%
 Chile 4.40%
 Colombia 5.50%
 Suriname 6.40%
 Paraguay 8.10%
 Uruguay 8.10%
 Bolivia 8.70%
 Argentina 8.80%
 Guyana 12.20%
 Venezuela 18.70%
Source: CIA World Factbook[14]

[edit] Public debt (lowest to highest)

  • 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[15]

[edit] Trade blocks

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.

[edit] Currency

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) 5.65 4.20 Central Bank of Argentina [1]
 Bolivia Bolivian boliviano (BOB) 11.0985 7.57080 Central Bank of Bolivia [2]
 Brazil Brazilian real (BRL) 2.58963 1.76650 Central Bank of Brazil [3]
 Chile Chilean peso (CLP) 701.020 $507.580 Central Bank of Chile [4]
 Colombia Colombian peso (COP) 2,593.20 1,885.74 Bank of the Republic [5]
 Ecuador U.S. dollar (USD) 1.46611 1 Federal Reserve [6]
 Guyana Guyanese dollar (GYD) 297.547 202.950 Bank of Guyana [7]
 Paraguay Paraguayan guaraní (PYG) 6,802.74 4,640.00 Central Bank of Paraguay [8]
 Peru Peruvian nuevo sol (PEN) 4.26966 2.72440 Central Reserve Bank of Peru [9]
 Suriname Surinamese dollar (SRD) 4.10543 2.80000 Central Bank of Suriname [10]
 Uruguay Uruguayan peso (UYU) 31.1529 21.2470 Central Bank of Uruguay [11]
 Venezuela Venezuelan bolívar fuerte (VEF) 6.16331 4.30000 Central Bank of Venezuela [12]

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

[edit] References

[edit] Economic sectors

[edit] Agriculture

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

[edit] Manufacturing

Industries are also important to South America’s economy. Most South American factories produce food items, consumer goods, or building materials. More developed countries also produce cars, trucks, and airplanes. Some of these companies import all the parts and raw materials needed for manufacturing which limits the amount of profits they can receive for the item. An important factor that is crucial to the success of industries is importing and exporting. The organization called Mercosur helps to expand trade, improve transportation, and reduce tariffs among member countries. The Andean Community mimics such cooperation, but limits exist due to crucial road barriers.

[edit] Transport

At the beginning of August 2008, Venezuelan president Hugo Chavez 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.[16]

[edit] Economy by country

Economy of:

[edit] Notes

  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

[edit] References

  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". http://prod-afd.afd.zeni.fr/jahia/webdav/site/cerom/users/admin_cerom/public/Pdf/CR2006_guy.pdf. 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. ^ http://www.larepublica.pe/11-01-2011/pobreza-se-redujo-30-en-el-2010-0
  11. ^ http://www.elheraldo.co/pol-tica/a-prop-sito-de-la-nueva-medici-n-de-la-pobreza-38979
  12. ^ http://www.lapatriaenlinea.com/?t=el-77-de-la-poblacion-boliviana-vive-en-la-pobreza&nota=85720
  13. ^ CIA - The World Factbook - Field Listing - Population below poverty line
  14. ^ https://www.cia.gov/library/publications/the-world-factbook/rankorder/2092rank.html
  15. ^ CIA - The World Factbook - Rank Order - Public debt
  16. ^ http://www.treehugger.com/files/2008/09/train-to-cross-south-america-southern-train-venezuela-argentina.php

[edit] See also

v · d · eUnion of South American Nations
Member states
Emblem of UNASUR
Summits
Topics
v · d · eEconomy of South America
Sovereign states
Dependencies and
other territories
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