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 strengthening of domestic demand in the wake of an expansionary fiscal policy triggered a recovery in the Panamanian economy in 2003, boosting gross domestic product (GDP) by 4.1 %. In addition to the increase in domestic demand, there was a gradual improvement in the external environment that became more pronounced in the first half of 2004. The upturn helped to ease the unemployment rate slightly, in a context of macroeconomic stability. Inflation remained low (1.7%), in keeping with traditional patterns, and the non-financial public-sector deficit stayed at the preceding year’s level (1.9%). The external deficit widened to 3.2% of GDP, owing to a larger outflow of profits and bank dividends.


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