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.




The year 2003 marked an upturn for the Chilean economy, whose growth was once again led by exports. Real growth amounted to 3.3%, as against the 2.2% posted in 2002. Inflation gradually declined in the course of the year, partly because of the substantial appreciation of the peso, while keen competition in the retail sector resulted in smaller mark-ups and lower prices. Over the 12 months ending in December 2003 inflation amounted to only 1.1 %, which was almost a full point lower than the bottom of the target range (2% to 4%) set by the central bank for 2003.


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