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Economic Survey of Latin America and the Caribbean 2007-2008

Macroeconomic Policy and Volatility

image of Economic Survey of Latin America and the Caribbean 2007-2008

The Economic Survey is one of ECLAC's flagship publications, and has been issued since 1948. This new edition covers the region's economic performance in 2007 and the first semester of 2008, and suggests growth estimates for this year.

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Uruguay

The Uruguayan economy continued to expand rapidly in 2007, with a growth rate of 7.4% of GDP. This performance was led by transport, storage and communications, commerce, restaurants and hotels and manufacturing industry. Both domestic and external demand were robust and investment and private consumption both increased. Inflation exceeded the range forecast in the monetary programme, coming in at an annual rate of 8.5%, which led the authorities to take fiscal measures to mitigate the rise in domestic prices. Even with those measures, the fiscal balance improved again, with the non-financial public sector (NFPS) deficit at 0.3% of GDP. The current account deficit narrowed considerably owing to an increased surplus on the services balance. Foreign direct investment (FDI) and financial capital continued to flow in, which substantially increased the level of reserve assets.

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