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 the Colombian economy turned in its best performance in recent memory: GDP rose by 3.9% and per capita output, by 2.2%. These are the highest figures posted in the last five years. Macroeconomic stability improved in 2003, and growth was driven mainly by private investment. Fiscal policy was a subject of considerable controversy, while monetary policy was geared to keeping interest rates low and stable to help spur aggregate demand and growth. Inflation continued to decline, closing the year at 6.5%. Unemployment, however, remained high.


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