Venezuelan economy displaces Argentina as third largest

Venezuela will replace Chile as the country with the region's highest GDP per capita and Argentina as the region's third-largest economy, according to a Latin Business Chronicle analysis of data from the International Monetary Fund (IMF). Venezuela's GDP per capita is estimated to reach 11,933 US dollars this year. That's higher than the estimated figure for Chile of 10,126. The IMF estimates also show that Venezuela's GDP is set to reach 334.7 billion US dollars this year, while that of Argentina will likely end up at 323.8 billion. However, Venezuela will likely lose its status as Latin America's third-largest economy as soon as next year, when Argentina's GDP again will be larger, the IMF forecasts. When it comes to GDP per capita, Venezuela is likely to remain the top country in Latin America through the next five years, the fund predicts. Venezuela's economy grew by 8.4% last year, but is starting to see a slowdown. This year it should expand by 5.8% and next year only by 3.5%, according to IMF forecasts.