Latin America Economic Outlook
Latin America’s economy will remain stuck in a low-growth equilibrium next year, held back by factors such as corruption, crime, tight government spending in several economies, underperforming education systems and a lack of presence in fast-growing industries. However, mining and energy investment and exports will provide support.
Latin America Inflation
So far in 2026, inflation has averaged in triple digits in Venezuela, double digits in Argentina and Bolivia, and 1.0–6.0% elsewhere. This three-speed pattern should persist in 2027. El Niño poses an upside risk across the Andean region on potential food and hydropower supply disruptions, but should buoy food output in Argentina, southern Brazil, Paraguay and Uruguay.
This chart displays Economic Growth (Real GDP, ann. var. %) for Latin America from 2010 to 2026.
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Industrial Production (ann. var. %) | 7.7 | 2.2 | 0.1 | 0.2 | 0.3 |
| GDP per Capita (USD) | 8,308 | 9,374 | 10,482 | 10,621 | 11,048 |
| Merchandise Imports (USD bn) | 1,224 | 1,485 | 1,408 | 1,449 | 1,538 |
| External Debt (% of GDP) | 43.5 | 38.5 | 35.5 | 35.0 | 36.8 |
| International Reserves (USD bn) | 913 | 854 | 888 | 902 | 1,011 |
| Policy Interest Rate (%, eop) | 6.29 | 11.51 | 10.70 | 9.86 | 9.78 |
| Merchandise Exports (USD bn) | 1,273 | 1,473 | 1,455 | 1,507 | 1,607 |
| Fixed Investment (ann. var. %) | 16.3 | 4.9 | 4.2 | 2.3 | 2.3 |
| Merchandise Trade Balance (USD bn) | 49 | -11 | 47 | 57 | 69 |
| Public Debt (% of GDP) | 62.6 | 60.9 | 67.8 | 63.3 | 63.9 |
| Fiscal Balance (% of GDP) | -4.1 | -3.5 | -5.3 | -5.3 | -4.9 |
| Private Consumption (ann. var. %) | 8.3 | 5.2 | 2.6 | 2.9 | 2.6 |
| Inflation (CPI, ann. var. %, aop) | 10.2 | 15.6 | 18.5 | 24.8 | 7.9 |
| Unemployment (% of active population, aop) | 9.5 | 7.2 | 6.2 | 5.9 | 5.5 |
| Economic Growth (Real GDP, ann. var. %) | 7.3 | 4.0 | 2.2 | 2.1 | 2.2 |
| Current Account Balance (% of GDP) | -1.8 | -2.3 | -1.2 | -1.2 | -1.1 |