Economic Survey of Latin America and the Caribbean 2002-2003

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The present edition of the Survey consists of three parts. The first part covers the main aspects of the regional economy from a sectorial and thematic perspective. The second part contains information of the analysis of the economic performance of the 19 countries of Latin America and the Spanish-speaking Caribbean and Haiti. The third part is dedicated to the remaining countries of the Caribbean, mainly English-speaking countries. Finally, the Survey offers two statistical appendixes, one of them contained in a CD-ROM distributed with the printed version.




The Chilean economy has continued to grow at a modest rate, with GDP expanding by 2.1% in 2002 following its 3.2% rise in 2001. Although inflation displayed seasonal fluctuations and was sensitive to oscillations in the exchange rate and the international price of oil and petroleum products, the rate for the year as a whole ended around 3%, broadly in line with the target set by the monetary authorities. Since 2001, the worldwide economic slowdown, together with the regional crisis and heightened global risk, have conspired to dampen external trade, reduce capital inflows and worsen Chile’s terms of trade, which in 2002 failed to recoup the previous year’s deterioration of nearly 7%. While merchandise exports expanded by over 44% between 1996 and 2002 in volume terms, the fact that prices dropped by almost 25% is a clear indication of how external conditions have deteriorated over the past few years.


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