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Monday, January 09, 2006 

Latin, Caribbean see GDP growth in 2005

Jan 08, 2006: For the third year running, in 2005 the Gross Domestic Product (GDP) of Latin America and the Caribbean rose. Estimations indicate it reached 4.3%, a 3% increase in per capita GDP. Unemployment fell from 10.3% last year to 9.3% in 2005. Similarly, poverty fell from 44% in 2002 to 40.6% in 2005.

Strong domestic demand in the region's countries and favourable conditions prevailing in the world economy, which grew 3.3% in 2005, contributed to these results, according to ECLAC's Preliminary Overview of the Economies of Latin America and the Caribbean 2005, released by ECLAC last week.

For 2006, forecasts point to ongoing economic growth, at a rate of 4.1% for Latin America and the Caribbean. If these projections prove correct, average annual growth for 2003-2006 should be just over 4%, while per capita GDP should accumulate an 11% increase. Although this trend is promising, the region continues to grow slower than developing countries overall. Their output is expected to rise 5.7% on average between 2003 and 2006.

The subregions have posted different behaviour, with the countries of the Southern Cone and the Andean Community enjoying the most growth, headed by Venezuela (9%), Argentina (8.6%), Uruguay (6%), Chile (6%), Peru (6%) and Panama (6%)."

Copyright © 2005 Trans-Caribbean Marketing Company, MyCaribbeanNews.com and The New Executive TIMES (Caribbean) Magazine.

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