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.




After plunging by 11 % in 2002, Argentina’s gross domestic product (GDP) surged by almost 9% in 2003 and continued to rise in the initial months of 2004. In 2003, despite a considerable upturn in consumption, the national savings rate remained at around 20%, which was similar to its 2002 level and higher than the average for the period 1993-2001. Gross fixed capital formation bounced back significantly, growing by 38.2% in the course of the year, after a cumulative slump of about 56% in the period 1998-2002. Goods-producing sectors, especially construction and manufacturing, played a major role in the recovery of economic activity.


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