MercoPress. South Atlantic News Agency

Mexico is Latin America's major economy

Mexico consolidated in 2003 as the major economy of Latinamerica with a GDP of 626 billion US dollars, ahead of Brazil with 498 billion US dollars, according to a report from consultants Global Invest.

Argentina that in 2002 was replaced by Venezuela in third position, in 2003 recovered with a GDP of 130 billion US dollars, ahead of Venezuela's 85 billion US dollars GDP.

In 2002 Argentina collapsed to an all historic low of 93 billion US dollars, giving an idea of the magnitude of the crisis experienced.

However the report points out that in spite of the very strong recovery there are no prospects in the coming years of Argentina taking Brazil's second place "because the size of the Argentine economy is considerably smaller than those leading the ranking".

Taking into account the 19 Latinamerican economies, Colombia figures in fifth place with a GDP of 78 billion US dollars; Chile sixth with 72 billion US dollars; Peru, 61 billion US dollars and then Ecuador with 24 billion US dollars.

Guatemala and Costa Rica moved to ninth and tenth place with 19,5 billion US dollars and 17,5 billion US dollars.