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Latin America and the Caribbean: economic situation and outlook, 2005-2006
Description:The Latin American and Caribbean economy grew for the third consecutive year in 2005. Gross domestic product (GDP) expanded by an estimated 4.5 per cent, equal to a per capita GDP growth rate of almost 3 per cent. The dynamism of the global economy was behind the most outstanding feature of that period of economic growth, namely an expanding surplus on the balance of payments current account.
The combination is without precedent in the region?s economic history. The current account surplus for 2005 was equivalent to 1.3 per cent of GDP, exceeding the surpluses recorded for the previous two years. Major differences exist however between subregions.

Latin America and the Caribbean recorded an inflation rate of 6.2 per cent (as against 7.4 per cent in 2004), a continuation of a downward trend in this indicator for the region. Economic growth also led to a decrease in unemployment, although the jobless rate is still high. The expansion of the business cycle is expected to carry over into 2006, with an overall projected economic growth rate of 4.6 per cent.
Agenda Item: Regional cooperation (10)
Issue Date: 25 April 2006
ODS Symbol:E/2006/19
  • Latin America and the Caribbean: economic situation and outlook, 2005-2006