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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.

English

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Cuba

Following on from the 1.4% growth recorded in 2009, the economy expanded by 2.1% in 2010. As the population shrank in absolute terms in 2010, per capita GDP grew at a faster rate. The moderate upturn in economic growth in 2010 was attributable mainly to consumption —especially private consumption— which rose by 4.1%, and goods and services exports, which grew by 2.7%. Tourism also flourished and exports, especially of services, benefited from more favourable prices; health services performed particularly well being indexed to the price of oil. For the second consecutive year there was a sharp decline in investment: 7.7% in 2010. This decline and the modest improvement in public-sector consumption made it possible to reduce the fiscal deficit from 4.8% of GDP in 2009 to 3.7% of GDP in 2010, despite a fall in tax revenue. The unemployment rate rose from 1.7% in 2009 to 2.5% in 2010, against the backdrop of significant labour-market reform. The consumer price index had risen by 1.6% in the 12 months to December 2010, compared with a fall of 0.1% in 2009.

English

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