Economic Survey of Latin America and the Caribbean 2007-2008

Macroeconomic Policy and Volatility

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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.




The Guatemalan economy grew by 5.7% in 2007, the best performance in the current decade. This was mainly thanks to the buoyancy of private consumption, boosted by large inflows of family remittances (12% of GDP). Those inflows went some way towards financing the country’s large trade deficit (about 17% of GDP). The current account deficit (5.1% of GDP) was more than covered by foreign direct investment and other capital inflows. The yearly inflation figure was 8.7%, which to some extent was due to external supply factors; thus, the 2007 inflation target of 4%-6% was not met. The central government deficit was 1.5% of GDP (1.9% in 2006).


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