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Economic Survey of Latin America and the Caribbean 2002-2003

image of Economic Survey of Latin America and the Caribbean 2002-2003

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.

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Panama

Already faltering external demand weakened still further in 2002, with serious repercussions for the economy as a whole. Productive activity expanded by 0.8%, which was slightly higher than the previous year’s growth rate of 0.4%, but per capita GDP diminished again. Growth was driven by an upturn in consumption, as investment retreated for the third year in a row. Inflation at 1.9% remained low, while the labour market registered a slight improvement. The public-sector deficit came in at 2.3% of GDP, compared to 0.8% in 2001, while the balance-of-payments current account deficit held steady at 1.5% of GDP.

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