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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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Colombia

In 2004 the Colombian economy turned in a real GDP growth rate of 4.1%, which was similar to the figure observed in 2003. Private investment and exports were the main drivers of growth. Both unemployment and inflation trended downwards and interest rates were low and steady. Market liquidity and credit availability were at acceptable levels. The peso rose in value in 2004 after having depreciated sharply between June 2002 and March 2003. Fiscal policy continued to dominate the agenda, while the balance on the public accounts improved. International conditions provided a boost to economic activity, thanks to growth in global demand, an upswing in the Bolivarian Republic of Venezuela, higher commodity prices and larger capital inflows.

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