Economic Survey of Latin America and the Caribbean 2000-2001

image of Economic Survey of Latin America and the Caribbean 2000-2001

This survey presents an overview of the regional economy and the economic performance in 2000 and the first half of 2001. It also offers individual country reports on the performance of the 20 countries of Latin America for the same period. 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.




Cuba's gross domestic product (GDP) increased by 5.6% during the year, giving an average annual growth rate of 4.6% for the five-year period 1996-2000. Faced with a chronic shortage of foreign exchange and a sharp increase in the oil bill, the authorities had to curb the rapid growth seen in the first six months. Rising interest payments and, to a lesser extent, the expansion of the trade deficit drove the balance-of-payments current-account deficit upward for the second consecutive year, to the equivalent of 2.1% of GDP. The main reason for the widening trade gap was the continuing deterioration in the terms of trade since, in volume terms, goods exports actually rose faster than imports. Nevertheless, a capital-account surplus made it possible to finance the current-account deficit and increase the country's depleted foreign reserves by a small amount. As regards the monetary and price situation, there were no significant changes; prices fell slightly once again, while the parallel exchange rate remained stable.


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