Economic Survey of Latin America and the Caribbean 2004-2005

image of Economic Survey of Latin America and the Caribbean 2004-2005

This year's edition of the Economic survey of Latin America and the Caribbean,the fifty-seventh 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. The full statistical appendix is published in electronic format for ease of data processing.




In 2004, the Mexican economy grew by 4.4%, which was the highest rate since 2000 and translated into a considerable upturn in per capita GDP, following three years of sluggish performance. Aggregate demand swelled by 6% as a result of increased buoyancy in domestic and external demand. Exports were boosted by an upswing in manufacturing production in the United States, while consumption was strengthened by a rise in employment and crebit and increased remittances. The improved economic outlook revived investment following a three-year downtrend. The increased pace of production activity was reflected in imports, resulting in a widening of the trade deficit. Higher revenues from petroleum exports and current transfers from abroad (in excess of US$ 17 billion) helped to reduce the balance-of-payments current account deficit to 1.1 % of GDP, its lowest level since 1996.


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