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Economic Survey of Latin America and the Caribbean 2001-2002

image of Economic Survey of Latin America and the Caribbean 2001-2002

This survey consists of two distinctive parts. The first part examines main aspects of the regional economy, while the second part contains an analysis of the individual countries in Latin America and the Caribbean. The part on the regional economy covers the situation in the first semester of 2002 and the prospects for the year as a whole. It also analyzes various aspects of the regional economy in 2001, including macroeconomics policies and reforms, the performance of the internal economy, and the external sector. The part on individual countries covers 20 nations in Latin America and the English-speaking Caribbean. It covers the period 2001 and early 2002, revealing country reports with tables and figures showing main economic indicators.

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Venezuela

The Venezuelan economy expanded by 2.7% in 2001, compared to 4% the year before. GDP growth was driven by the private sector, while the public sector suffered from falling prices and production cuts in the oil sector. Inflation fell for the sixth straight year and came in around 12% in 2001, having run as high as 100% in 1996. Exports fell sharply in the wake of the economic slowdown, particularly in the United States, and because of the decision to cut oil production under an agreement reached with the Organization of Oil Exporting Countries (OPEC). Imports were favoured by exchange-rate policy and surged by over 10%. The resulting erosion of the trade balance caused a reduction in international reserves at the Central Bank of Venezuela (BCV).

English

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