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.




In 2003 the Mexican economy looks set to complete a third consecutive year of virtual stagnation, having recorded average annual growth of 5.4% between 1996 and 2000. Gross domestic product (GDP) grew by 0.8% in 2002 –barely half the government’s target– and an expansion of around 1.5% is forecast for 2003. This lacklustre performance is insufficient to avert fresh job losses or to halt the slide in per capita income. The 2002 result reflected a combination of sluggish consumption, a slide in investment for the second year running and a weak performance by non-oil exports, which had been the engine of Mexican economic growth in recent years. A robust upswing in oil exports and lower international interest rates gave contrast to an otherwise largely negative external panorama.


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