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Economic Survey of Latin America and the Caribbean 2005-2006

image of Economic Survey of Latin America and the Caribbean 2005-2006

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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Domestic performance

Driven by strong domestic and external demand, the economies of Latin America and the Caribbean grew by 4.5% in 2005, following the previous year’s 5.9% expansion. The slowdown in relation to 2004 occurred largely because the region’s two largest economies, Brazil and Mexico, underperformed the regional average. Nonetheless, the regional growth rate is still above the average for the 1990s and the first few years of the 2000s. Economic growth was widespread, with all countries posting positive rates except for Guyana. The strongest expansions were recorded in the Bolivarian Republic of Venezuela (9.3%) and in Argentina and the Dominican Republic (9.2% each). The lowest growth rates were in Haiti (1.8%), Brazil (2.3%) and El Salvador (2.8%). Guatemala, Mexico and Paraguay grew by around 3%, Ecuador, Honduras, Nicaragua and Bolivia by about 4% and the remaining countries by between 5% and 7%. Despite the occurrence of intense hurricanes in 2005, GDP growth in the English- and Dutch-speaking Caribbean was similar to the rates registered by the Latin American countries (4.5%). The highest rates were posted in Antigua and Barbuda (5.6%), Saint Kitts and Nevis (7%), Saint Lucia (7.3%) and Trinidad and Tobago (7%).

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