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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.

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Jamaica

In 2003 the Jamaican economy recorded its highest growth rate in a decade (2.1%). This achievement was attributable to the continued buoyancy of the mining sector (4.8%) and to an upturn in activities linked to tourism and agriculture (5.7%). The economic performance of the real sector, however, was adversely affected by the climate of uncertainty and the loss of confidence in the local currency observed in the first half of 2003, which resulted in a sharp exchange-rate depreciation. These developments were triggered by the official announcement in December 2002 that the deficit estimated for fiscal year 2002, at 7.6% of GDP, would far exceed the target set by the authorities (4% of GDP).

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