Economic Survey of Latin America and the Caribbean 2003-2004

image of Economic Survey of Latin America and the Caribbean 2003-2004

This year's Survey, the fifty-sixth edition in this series, is divided into two parts. The first analyses the main features of the regional economy, while the second examines the situation in the individual countries of Latin America and the Caribbean. A summarized statistical appendix is supplemented by the more detailed information that is provided on the accompanying CD-ROM for ease of data processing.




In 2003 economic performance in Belize benefited from strong upturns in agriculture and tourism, the latter driven by a steep climb in the number of cruise-ship arrivals. The resulting growth rate of 4.4% was slightly higher than the 2003 rate, but did not translate into higher tax revenues. On the contrary, total income dropped significantly and this, combined with increased spending on external debt servicing, widened the fiscal deficit to almost three times the preceding year’s figure, from 3.7% of GDP in 2002 to 10.8% in 2003. This forced the authorities to seek external financing, thus increasing the country’s external debt stock.


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