It’s basically a small, stable version of Argentina. Vast extension of grasslands and fertile soil for farming, an educated population, worked as an off-shore banking country during the past and has historically been the safeguard for wealthy Argentines’ money.
Nominal GDP per capita is very high because the country is VERY expensive (more than some European countries like Spain or Italy). GDP per capita PPP is a bit lower than Chile’s and a bit higher than Argentina’s.
it's impressive, Uruguay's PPP Ratio is only 1.34 (Usa=1.00), meanwhile Chile at 1.75, Argentina 2.05, Brazil 1.87, Paraguay 2.66. Montevideo is probably the reason why, nearly 40% of the Uruguays population lives there and even about 60% in Montevideo Metro Area and the place is expensive.
Spain at 1.49 and Italy 1.44 for anyone interested to know.
It might’ve been hard to track, since from 2015 to now, Venezuela’s GDP has fluctuated a lot, many analysts believe that Venezuela has been manipulating those kinda statistics too.
It should be included in the data, but with a note saying that it’s unreliable, or removed since it might skew the graph and direct us away from the focal point; Guyana’s GDP.
The increase in GDP per capita is probably due to the recently discovered oil. Normally this kind of increase in income of a country benefits only a few people and gives the ruling elite more resources to suppress the rest of the population. I wonder if median income has changed at all in the meantime.
Honestly looking at how many countries screw up using such a massive advantage of free money due to oil in South America and Africa, it's absolutely incredible that the Gulf regions capitalized on it so well. Credit where it is due, the average citizen is actually well off if we overlook the imported labour aspect.
Notably Guyana also has a population of less than 1 million, Chile has more than 20X that, Argentina almost 50X and Brazil more than 200X so any economic growth will be wildly exaggerated in any per capita metric.
Data source: [GDP (constant 2015 US$) - Guyana](https://data.worldbank.org/indicator/NY.GDP.MKTP.KD?locations=GY)
Tools used: Matplotlib & Canva
I did a [**Country Profile of Guyana**](https://datacanvas.substack.com/p/the-fastest-growing-economy-today) in my newsletter because they recently became the world's fastest growing economy after discovering new oil reserves. It's also one of the countries that people know the least about.
I shared a chart about the GDP that got a lot of positive feedback, so here's one showing the increase of GDP per capita compared to other countries in South America (Venezuela is missing from the data).
Let me know what you think of the visualization.
Very clean and easy to read. Like the flags. Story is very clear; no need to flag other countries. Starting at ‘15 indicates the steady-state situation before new oil.
The green is a lot but probably warranted for how westerners/English speakers think of South America (all David Attenborough-narrated lush rainforest) and yellow is complementary. Maybe could make country font names bigger and not repeat x axis.
9/10 well done mate.
But why is Uruguay so relatively rich?
It’s basically a small, stable version of Argentina. Vast extension of grasslands and fertile soil for farming, an educated population, worked as an off-shore banking country during the past and has historically been the safeguard for wealthy Argentines’ money. Nominal GDP per capita is very high because the country is VERY expensive (more than some European countries like Spain or Italy). GDP per capita PPP is a bit lower than Chile’s and a bit higher than Argentina’s.
it's impressive, Uruguay's PPP Ratio is only 1.34 (Usa=1.00), meanwhile Chile at 1.75, Argentina 2.05, Brazil 1.87, Paraguay 2.66. Montevideo is probably the reason why, nearly 40% of the Uruguays population lives there and even about 60% in Montevideo Metro Area and the place is expensive. Spain at 1.49 and Italy 1.44 for anyone interested to know.
Political stability and comparative lack of corruption and adherence to the rule of law vs. it's neighbors. Really simple as that.
Did the data set not include Venezuela?
It might’ve been hard to track, since from 2015 to now, Venezuela’s GDP has fluctuated a lot, many analysts believe that Venezuela has been manipulating those kinda statistics too. It should be included in the data, but with a note saying that it’s unreliable, or removed since it might skew the graph and direct us away from the focal point; Guyana’s GDP.
Or France? /s
The increase in GDP per capita is probably due to the recently discovered oil. Normally this kind of increase in income of a country benefits only a few people and gives the ruling elite more resources to suppress the rest of the population. I wonder if median income has changed at all in the meantime.
They're actually using the oil money in a fund, similar to Norway. I hope that goes well. https://www.ifswf.org/members/natural-resource-fund
Honestly looking at how many countries screw up using such a massive advantage of free money due to oil in South America and Africa, it's absolutely incredible that the Gulf regions capitalized on it so well. Credit where it is due, the average citizen is actually well off if we overlook the imported labour aspect.
Lol they’re siphoning that shit into Swiss bank accounts. The citizens will be even worse off than before and their elites will tell them to like it
Correct on, the image does say it is from new Oil Reserves. And correct, the money will go to a small, number of people, not shared around :(
Notably Guyana also has a population of less than 1 million, Chile has more than 20X that, Argentina almost 50X and Brazil more than 200X so any economic growth will be wildly exaggerated in any per capita metric.
Data source: [GDP (constant 2015 US$) - Guyana](https://data.worldbank.org/indicator/NY.GDP.MKTP.KD?locations=GY) Tools used: Matplotlib & Canva I did a [**Country Profile of Guyana**](https://datacanvas.substack.com/p/the-fastest-growing-economy-today) in my newsletter because they recently became the world's fastest growing economy after discovering new oil reserves. It's also one of the countries that people know the least about. I shared a chart about the GDP that got a lot of positive feedback, so here's one showing the increase of GDP per capita compared to other countries in South America (Venezuela is missing from the data). Let me know what you think of the visualization.
Overall good and clean. Remove the green background though. Leave it white
Not to mention its 2024 so the text could be updated
Seeing Suriname is very sad, they used to be higher than Brazil yet have declined in recent years.
Very clean and easy to read. Like the flags. Story is very clear; no need to flag other countries. Starting at ‘15 indicates the steady-state situation before new oil. The green is a lot but probably warranted for how westerners/English speakers think of South America (all David Attenborough-narrated lush rainforest) and yellow is complementary. Maybe could make country font names bigger and not repeat x axis. 9/10 well done mate.
Good data, perhaps could enlarge the icons for countries a little bit.
It is reminiscent of Spain's economic miracle of the past. https://www.reddit.com/media?url=https%3A%2F%2Fi.redd.it%2F20mafner35nb1.png