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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.

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Cuba

In 2004, GDP increased by 3% and, despite advers circumstances, the balance-of-payments current account posted a surplus after decades of negative external balances. This was driven by a 21% rise in exports of goods and services, mainly of nickel and tourist and professional services, as well as public services. The country suffered the worst drought in 100 years and the onslaught of two hurricanes, Charley and Ivan. The hurricanes caused damage that required contingency public transfers of the order of US$3 billion (8.8% of GDP). This was compounded by a crisis in the country's electric power system and the tightening of the economic embargo, which increased restrictions on remittances and travel to Cuba and put pressure on foreign banks, thus encumbering the country's external financial flows.

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