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Economic Survey of Latin America and the Caribbean 2010-2011

International Integration and Macroeconomic Policy Challenges Amid Global Economic Turmoil

image of Economic Survey of Latin America and the Caribbean 2010-2011

This publication is issued annually by the Economic Development Division of the Economic Commission for Latin America and the Caribbean (ECLAC). This sixty-third edition of the Economic Survey looks at the nature of the recovery from the financial global and economic crisis whose fallout spread across the region in the second half of 2008 and in 2009. It also delves into the challenges posed by highly liquid conditions in international financial markets combined with high prices for the region’s key commodities. Finally, it analyzes the situation in the countries of Latin America and the Caribbean during 2010 into the first part of 2011.

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Uruguay

Uruguay posted an 8.5% rise in GDP in 2010, underpinned by strong domestic demand and driven by private sector investment and consumption. The most buoyant sectors were retail trade, restaurants and hotels, and transport, storage and communications, while industry managed only to recover from the sharp decline in 2009. After playing a much larger role in demand in 2009, public consumption and investment moderated in 2010. As a result, the fiscal deficit shrank and public borrowing fell in relation to GDP, although it rose in absolute terms. Annual inflation stood at 6.9%, just below the ceiling of the 3%-7% target range established in the monetary programme.

English

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