GDP: Brazil Passed Italy
Argentina remains the richest country in Latin America in GDP per capita terms.
BY LBC STAFF
Brazil replaced Italy as the world’s seventh-largest economy last year, according to a Latin Business Chronicle analysis of new data from the International Monetary Fund.
An earlier analysis had predicted Brazil would so only in 2011.
Brazil also became the seventh-richest economy in Latin America, based on purchasing power parity (PPP) per capita in current international dollars.
Meanwhile, Argentina remains the richest country in the region, according to a Latin Business Chronicle analysis of 2010 data from the IMF.
Brazil’s GDP in current prices reached $2.09 trillion last year, IMF data shows. Meanwhile, Italy’s GDP reached $2.06 trillion.
This year, the IMF estimates Brazil’s GDP will reach $2.4 trillion compared with Italy’s $2.2 trillion.
Meanwhile, Mexico keeps its rank as the 13th-largest economy. Last year, its GDP reached $882 billion, which was higher than the economies of Korea and The Netherlands. This year, it should reach $1.0 trillion, again higher than Korea and The Netherlands, the IMF estimates.
In Latin America, Argentina replaced Venezuela as the third-largest economy. Its GDP last year reached $370.3 billion compared with $290.7 billion in Venezuela.
Nicaragua remains the smallest economy in Latin America, smaller even the earthquake-damaged Haiti. Last year, Nicaragua’s GDP reached $6.63 billion versus $6.55 in Haiti.
GDP PER CAPITA
Argentina’s GDP based on purchasing power parity (PPP) per capita in current international dollars reached $15,854 last year, according to the IMF.
That compares with $15,002 for Chile and $14,430 for Mexico.
Apart from Brazil, Panama and Paraguay also improved their positions on the GDP PPP ranking. Venezuela, Costa Rica and Guatemala dropped.
Panama’s GDP PPP reached $12,578 last year, making it the fifth-richest economy in Latin America. In 2009, it ranked sixth.
Paraguay’s GDP PPP reached $5,202, giving it a 14th place on the ranking of 19 countries, up one spot from 2009.
Venezuela dropped from fifth to sixth place, while Costa Rica fell from seventh to eighth place on the ranking.
Haiti remains the poorest economy. Last year its GDP PPP fell to $1,165 compared with $1,207 in 2009.