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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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Brazil

In 2005, Brazil’s GDP expanded by 2.3%, after having grown by 4.9% in 2004. The lower rate of growth was mainly the result of a sharp slowdown in gross fixed capital formation (from 10.9% in 2004 to 1.6% in 2005). Meanwhile, the rate of expansion in household consumption (3.1%) outstripped average economic growth. With inflation easing over the year (consumer price inflation came in at 5.7% in 2005, as against 7.6% in 2004), the authorities began to gradually lower interest rates in September 2005. The country continued to run large surpluses on both the central government’s primary balance (4.9% of GDP) and on the balance-of-payments current account (1.8%). In December 2005, Brazil announced that it was going to pay off its US$ 15.5 billion in outstanding liabilities with the International Monetary Fund (IMF).

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