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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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Mexico

In 2003 the Mexican economy grew by 1.3% and posted a third straight year of declines in per capita GDP and employment. Gross national income was up by 1.5% thanks to the positive effects of the terms of trade and an upturn in remittances from migrants. Exports began to rise in the last quarter of 2003 in response to the expansion of the United States economy, although the increase was modest and uneven across different sectors. There was, however, a robust increase in the value of oil exports owing to high international prices. External demand rose slightly (1 .l%), while domestic demand showed little growth (0.5%).

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