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Economic Survey of Latin America and the Caribbean 1998-1999

image of Economic Survey of Latin America and the Caribbean 1998-1999

This survey presents an overview of the regional economy and the economic performance in 1998 and the first half of 1999. It also offers individual country reports on the performance of the 20 countries of Latin America during 1998 and the first half of 1999. In addition, the Economic Survey of Latin America and the Caribbean analyzes the economic situation in the countries of the English-speaking Caribbean. This year's edition includes a CD-ROM that contains the statistical appendix.

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Uruguay

Economic activity continued to grow at a good pace in 1998. The increase in output was close to 4.5%, bringing the cumulative total for the past three years to 15%. Growth during the first half of the year resulted from expansion in all components of total demand. This was followed by a weakening in exports and consumption, which actually fell in the third quarter; however, growth in overall output received a further boost when the sustained expansion of fixed investment was reinforced by a considerable increase in stocks owing to a surge in agricultural supply. The terms of trade were very favourable for Uruguay, as the sharp drop in international oil prices more than made up for the slight fall in export prices, and national income rose by almost 6.5%. Accelerated activity pushed up labour demand by more than the increase in supply, helping to bring down unemployment by 1.5 points, to about 10%.

English

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