Source | International Monetary Fund World Economic Outlook (October-2023) |
Date | 11 Feb 2024 |
Brazil is the largest economy in South America, followed by Argentina, Chile, Colombia, and Peru. These five together hold a huge 90% share of the South American economy. Suriname is the smallest economy in South America.
One economy of South America would have gdp above $1 trillion, and six would have an economy of above $100 billion. There would be no change in South American nominal ranking in 2023. Brazil is the only South American economy in the list of top ten largest economies globally, and five economies are within the top 50 world gdp ranking.
Out Of 12 economies, gdp (nominal) of 11 would increase, and one economies would decrease in 2023 compared to 2022. Brazil ($207 bn) and Chile ($44 bn) will be the top contributors. Argentina is the sole decliner.
In ppp data, the five largest economies of South America are Brazil, Argentina, Colombia, Chile, and Peru. Three economies would have gdp above Int. $1 trillion in 2023 and ten would have an economy of above Int. $100 billion. There would be no change in ppp ranking in 2023. Only one South American economy, Brazil, is in the top ten list, and five economies are within the top 50 world gdp ranking.
None of the South American economies would see a decrease in 2023 compared to 2022..Again, Brazil (Int. $264 bn) will be the top contributor, accounting for 61% of the increase in the South American economy. Colombia (Int. $50 bn) and Peru (Int. $25 bn) are other top gainers.
All economies have higher GDP on a PPP basis with Suriname having highest ppp to nominal ratio above 3, while Uruguay have lowest figure of 1.39.
Country/Economy | GDP (billions of $) | Share (%) | Rank | ||||
---|---|---|---|---|---|---|---|
2022 | 2023 | Change | S. America | World | S. America | World | |
Argentina | 630.606 | 621.833 | -8.773 | 15.1 | 0.595 | 2 | 24 |
Bolivia | 44.315 | 46.796 | 2.481 | 1.14 | 0.0448 | 9 | 94 |
Brazil | 1,920.023 | 2,126.809 | 206.786 | 51.6 | 2.04 | 1 | 9 |
Chile | 300.729 | 344.400 | 43.671 | 8.36 | 0.330 | 4 | 45 |
Colombia | 343.622 | 363.835 | 20.213 | 8.83 | 0.348 | 3 | 43 |
Ecuador | 115.049 | 118.686 | 3.637 | 2.88 | 0.114 | 6 | 64 |
Guyana | 14.529 | 16.329 | 1.800 | 0.396 | 0.0156 | 11 | 133 |
Paraguay | 41.722 | 44.142 | 2.420 | 1.07 | 0.0422 | 10 | 97 |
Peru | 244.594 | 264.636 | 20.042 | 6.42 | 0.253 | 5 | 50 |
Suriname | 3.510 | 3.539 | 0.029 | 0.0859 | 0.00339 | 12 | 164 |
Uruguay | 71.177 | 76.244 | 5.067 | 1.85 | 0.0730 | 8 | 83 |
Venezuela | 92.104 | 92.210 | 0.106 | 2.24 | 0.0883 | 7 | 71 |
South America | 3,821.980 | 4,119.459 | 297.479 | 3.94 |
Country/Economy | GDP (billions of Int. $) | Share (%) | Rank | PPP/Nom | ||||
---|---|---|---|---|---|---|---|---|
2022 | 2023 | Change | S. America | World | S. America | World | ||
Argentina | 1,226.204 | 1,239.515 | 13.311 | 14.8 | 0.709 | 2 | 30 | 1.993 |
Bolivia | 118.840 | 125.428 | 6.588 | 1.50 | 0.0717 | 8 | 94 | 2.680 |
Brazil | 3,837.215 | 4,101.022 | 263.807 | 49.0 | 2.35 | 1 | 8 | 1.928 |
Chile | 579.409 | 597.520 | 18.111 | 7.14 | 0.342 | 4 | 44 | 1.735 |
Colombia | 966.152 | 1,016.124 | 49.972 | 12.1 | 0.581 | 3 | 32 | 2.793 |
Ecuador | 230.808 | 242.579 | 11.771 | 2.90 | 0.139 | 6 | 68 | 2.044 |
Guyana | 33.803 | 48.514 | 14.711 | 0.580 | 0.0277 | 11 | 127 | 2.971 |
Paraguay | 108.337 | 117.349 | 9.012 | 1.40 | 0.0671 | 9 | 95 | 2.658 |
Peru | 523.100 | 548.465 | 25.365 | 6.56 | 0.314 | 5 | 46 | 2.073 |
Suriname | 10.798 | 11.435 | 0.637 | 0.137 | 0.00654 | 12 | 160 | 3.231 |
Uruguay | 98.719 | 103.372 | 4.653 | 1.24 | 0.0591 | 10 | 97 | 1.356 |
Venezuela | 196.547 | 211.926 | 15.379 | 2.53 | 0.121 | 7 | 74 | 2.298 |
South America | 7,929.932 | 8,363.249 | 433.317 | 4.78 | 2.030 |