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.




Favourable external conditions and a macroeconomic policy aimed at fostering economic growth fuelled GDP growth of 4.1% in 2003. This expansion, which was mainly driven by exports (especially from the mining sector), produced a large merchandise trade surplus and narrowed the balance-of-payments current account deficit to 1.7% of GDP. In a context of low inflation (2.5%) and exchange-rate stability, monetary policy was expansionary, while the fiscal deficit was cut to 1.8% of GDP in an effort to ensure the sustainability of the country’s hefty public debt.


This is a required field
Please enter a valid email address
Approval was a Success
Invalid data
An Error Occurred
Approval was partially successful, following selected items could not be processed due to error