The economic giants propelling Latin America's GDP

Latin America's economy has steadily grown, with several countries making significant contributions to the region's GDP.

Brazil and Mexico stand as the undisputed economic giants of Latin America.

With a GDP of $2.331 trillion, Brazil is the largest economy in Latin America, accounting for over 51% of the region's GDP. According to the World Bank's 2023 report, the country's GDP is driven by a huge labour market and fiscal transfers.

On the other hand, Mexico's Gross Domestic Product (GDP) is $2,017 trillion, with a nominal GDP of $9,946. The industrial sector, which encompasses manufacturing, mining, oil, and gas, has contributed roughly 25% to 35% of Mexico's GDP over the past 35 years, remaining relatively consistent.

Beyond the economic giants of Brazil and Mexico, Argentina, Colombia, and Chile form the next tier of significant economies in Latin America.

Argentina's GDP is $604.3 billion, and the country's service and manufacturing industries are responsible for this huge figure.

Colombia has consistently demonstrated steady economic growth, driven by prudent fiscal policies, investments in infrastructure, and a thriving services sector. The country's economic progress has been remarkable with a GDP of $386.1 billion.

Chile is described as one of the most developed economies in Latin America. The mining powerhouse has a GDP of $333.8 billion. This is multiplied by a strong mining sector pushed by copper, gold, and other minerals.