Bolivia's Economy

Bolivia's economy depends a lot on its natural resources like minerals and gas. It exports metals such as tin and silver, as well as natural gas, which are important for the country's income. Agriculture also plays a big role, especially with crops like soybeans, quinoa, and maize. Even though Bolivia has many resources, it still faces problems like high production costs, bad roads, and being landlocked, which makes trading harder. The economy also struggles with changes in global prices and political issues within the country. From 2006 to 2011, the GDP grew by an average of 4.6 percent per year, peaking at 6.8 percent in 2013. However, the world oil market downturn that set in by mid-decade slowed the Bolivian economy, which averaged a GDP growth of 3.7 percent. Lithium is a massive export to the United States. The United States uses it to make batteries and electric cars. Oil is the biggest industry in Bolivia. It makes 77,635 barrels a day. This is 54th in the world.