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Economic Survey of Latin America and the Caribbean 1997-1998

image of Economic Survey of Latin America and the Caribbean 1997-1998

The Economic Survey of Latin America and the Caribbean, 1997-1998 is the fiftieth edition in this series. To mark this milestone, a special chapter has been included in this edition which traces the history of the publication and outlines the way in which the economic situation in the region has been viewed during each of the periods examined. Once again, the Survey has been published as a single volume consisting of three parts. Part 1 contains an overview of the economy in 1997 and the first half of 1998. Part 2 presents reports on the 20 countries of Latin American and on the situation in the countries of the English-speaking Caribbean. Part 3 reviews the 50 years of the Survey.

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El Salvador

In 1997, the economy of El Salvador performed better than in the previous year. Gross domestic product (GDP) rose by 4.1%, a change which was mostly due to a significant increase in exports. Although the trade deficit was still high, the current account balance moved into the black, leading to a considerable accumulation of international reserves. The overall economic picture was remarkably stable. December-to- December inflation fell to a record low of 1.9%, while the annual average was 4.5%; the nominal exchange rate remained unchanged and the fiscal deficit decreased. However, there was no improvement in the employment situation and real wages fell.

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