8% and countries such as Guyana and Colombia have rates that top 10%.
Industries within the region include agriculture. Products such as cocoa and coffee are major exports for many of the South American countries. Manufacturing is also becoming an important part of economic growth for many of the nations. Brazil has the distinction of being the largest manufacturing country in the region covering a wide range of products. Imports and exports are proving to be essential for the countries in the region at the moment. Member states of the Mercosul agreement have benefitted from the increase in trade as a result.
It has been estimated that manufacturing is going to be fairly strong in 2014 and that this trend is set to continue. Overall, the continent is expected to see growth of 4% over the next 12 months. This will be
helped along by a number of tax breaks and other incentives that are intended to drive production - particularly in industries such as development of machinery, food and beverages and vehicle production.
One of the issues with continued growth is the lack of infrastructure in some areas – something that commentators have argued is leading to poverty black spots in the region. Investment is being made and improvements can already be seen - although a programme of urbanisation is key to addressing this going forward.
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