Maintitle

Copyright

Alicia Bárcena

Executive Secretary

Antonio Prado

Deputy Executive Secretary

Daniel Titelman

Chief, Economic Development Division

Ricardo Pérez

Chief, Publications and Web Services Division

The Preliminary Overview of the Economies of Latin America and the Caribbean is an annual publication prepared by the Economic Development Division of the Economic Commission for Latin America and the Caribbean (ECLAC). This 2016 edition was prepared under the supervision of Daniel Titelman, Chief of the Division, while Jürgen Weller, Senior Economic Affairs Officer, was responsible for its overall coordination.

In the preparation of this edition, the Economic Development Division was assisted by the Statistics Division, the ECLAC subregional headquarters in Mexico City and Port of Spain, and the Commission’s country offices in Bogota, Brasilia, Buenos Aires, Montevideo and Washington, D.C.

The regional report was prepared by Daniel Titelman with inputs provided by the following exerts: Cecilia Vera, Claudia de Camino and José Antonio Sánchez (global economic trends and external sector), Claudio Aravena (economic activity), Ramón Pineda (prices), Jürgen Weller (employment and wages), Ricardo Martner, Michael Hanni and Ivonne González (fiscal policy), and Ramón Pineda, Rodrigo Cárcamo and Alejandra Acevedo (monetary and exchange-rate policies). Pablo Carvallo, Cecilia Vera, Alejandra Acevedo and Claudio Aravena were responsible for the economic projections, with input from the ECLAC subregional headquarters and national offices. Alejandra Acevedo, Alda Díaz, Fernando Villanueva and María José Zambrano were responsible for the processing and presentation of the statistical data and graphical presentations.

The country notes are based on studies conducted by the following experts: Anahí Amar and Daniel Vega (Argentina), Michael Hendrickson (Bahamas and Belize), Nyasha Skerrette (Barbados), Claudia de Camino (Plurinational State of Bolivia), Carlos Mussi (Brazil), Esteban Pérez (Chile), Olga Lucía Acosta, Yaddi Miranda, Juan Carlos Ramírez and Tomás Concha (Colombia), Ramón Padilla (Costa Rica), Indira Romero (Cuba), Cornelia Kaldewei (Ecuador), Stefanie Garry (El Salvador (with Jesús Santamaría) and Guatemala), Sheldon McLean (Eastern Caribbean Monetary Union and Guyana), Randolph Gilbert (Haiti), Cameron Daneshvar (Dominican Republic and Honduras), Dillon Alleyne (Jamaica), Juan Carlos Rivas (Mexico), Francisco Villarreal (Nicaragua), Rodolfo Minzer (Panama), Sonia Gontero (Paraguay), Rodrigo Cárcamo (Peru), Machel Pantin (Suriname and Trinidad and Tobago), and Álvaro Lalanne and Martín Brum (Uruguay). Michael Hanni and José Luis Germán reviewed the Caribbean country notes. Juan Pablo Jiménez collaborated in the review of the country notes for the Latin American countries.

United Nations publication

ISBN: 978-92-1-121938-8 (print)

ISBN: 978-92-1-058574-3 (pdf)

ISBN: 978-92-1-358050-9 (ePub)

Sales No.: E.17.II.G.2

LC/G.2698-P

Copyright © United Nations, 2016

All rights reserved

Printed at United Nations, Santiago

S.16-01332

Explanatory notes

- Three dots (…) indicate that data are missing, are not available or are not separately reported.

- A dash (-) indicates that the amount is nil or negligible.

- A full stop (.) is used to indicate decimals.

- The word “dollars” refers to United States dollars unless otherwise specified.

- A slash (/) between years (e.g., 2013/2014) indicates a 12-month period falling between the two years.

- Individual figures and percentages in tables may not always add up to the corresponding total due to rounding.

This publication should be cited as: Economic Commission for Latin America and the Caribbean (ECLAC), Preliminary Overview of the Economies of Latin America and the Caribbean, 2016 (LC/G.2698-P), Santiago, 2016.

Applications for authorization to reproduce this work in whole or in part should be sent to the Economic Commission for Latin America and the Caribbean (ECLAC), Publications and Web Services Division, publicaciones@cepal.org. Member States and their governmental institutions may reproduce this work without prior authorization, but are requested to mention the source and to inform ECLAC of such reproduction.

Contents

Maintitle

Copyright

Executive summary

Chapter I

Global economic trends

Chapter II

The external sector

Chapter III

Economic activity

Chapter VI

Domestic prices

Chapter V

Employment and wages

Chapter VI

Macroeconomic policy

Chapter VII

Risks and outlook for 2017

Statistical annex

Executive summary

A. Global economic trends

B. The external sector

C. Economic activity

D. Employment

E. Policies

1. Fiscal policy

2. Monetary and exchange-rate policies and prices

F. Risks and outlook for 2017

A. Global economic trends

In 2016 the global economy maintained the slow growth trend seen over the past eight years, with a rate of 2.2%, the lowest since the international financial crisis of 2008-2009. As in previous years, growth was driven by the developing economies, which posted a rate of 3.6% as a group in 2016, while the developed economies expanded by 1.5%.

Projections for 2017 point to a better performance, with the global economy expected to grow by around 2.7%, thanks to an upturn in both emerging and developed economies. The emerging economies are projected to post a growth rate of 4.4% and, as in 2016, India will perform especially well, with a projected rate of 7.7% for 2017. China’s growth will slow to around 6.5%. Brazil and the Russian Federation will move from negative to positive growth rates in 2017. The developed economies as a group are expected to post growth of 1.7%. Within that group, the United States will see the strongest growth, at around 1.9%, while the eurozone will exhibit a growth rate of 1.7%. Japan’s economy will pick up to 0.9% growth in 2017.

Global trade volumes are growing even less than the global economy, at just 1.7% in 2106, down from 2.3% in 2015. As a result, world output growth will exceed world trade growth in the 2015-2016 biennium for the first time in 15 years, with the exception of 2009, at the height of the economic and financial crisis. The sluggish trade activity has been attributed to factors both cyclical —lacklustre global demand and a heavy fall in investment— and structural —the stalled growth in global value chains following rapid expansion in earlier periods, trends towards “localization”, and the growth slowdown in China.

The global economic upturn projected for 2017, which should improve the cyclical factors mentioned, is expected to support an expansion rate in the range of 1.8% to 3.1% in the volume of global trade.

The fall in commodity prices, a very significant factor for the economies of the region, eased in 2016, with a drop of 6%, compared to 29% in 2015. These prices are expected to improve in 2017. Prices fell most heavily for energy products in 2016 (-16%), followed by minerals and metals (-4%). Agricultural products posted a slight rise in prices over the year (3%). Commodity prices are projected to rise by 8% on average in 2017, led by energy products, with a jump of 19%.

Financial market volatility eased in 2016 —with just a few short-lived spikes— and the prices of stock market assets recovered. Towards the end of the year market volatility was lower than at the January peak and stock market prices had picked up, in some cases considerably.

Consistently with these more benign international financial conditions and with changes in investors’ behaviour, capital flows to emerging markets trended back upwards over the course of 2016, although remaining well below the levels seen between 2010 and 2014.

B. The external sector

The upturn in commodity prices projected for 2017 would put the region’s average terms of trade back on an upward path. The fall in the region’s terms of trade in 2106, at 1%, was not as steep as it had been in 2015, when they tumbled by 9%. However, the hydrocarbon-exporting countries were again the hardest hit, with an 8% fall, followed by mineral exporters (down 2%). In contrast, the Central American countries, those that export agro-industrial products, and the Caribbean (excluding Trinidad and Tobago), all benefited from lower energy prices, and their terms of trade have risen this year, albeit by less than in 2015.

For 2017, the regional terms of trade are likely to improve by about 5% on average, with a rise of around 15% for the hydrocarbon exporters, owing to an expected jump of some 20% in the oil price.

The deficit on the current account of the balance of payments narrowed from the equivalent 3.4% of GDP in 2015 to 2.2% in 2016. While the largest reduction occurred in Brazil, nearly all countries saw their current account balances improve in 2016. One of the main factors in the smaller deficit was the narrowing of the deficit on the goods account, by 81% in 2016.

External demand conditions for the region are expected to improve in 2017, and countries for which Argentina and Brazil are significant trading partners should see a recovery in intraregional trade. Economies that are more integrated with the United States could benefit from the economic upturn expected in that country in 2017, but could be hurt by the revision of trade relations following the presidential elections.

The net flow of financial resources into the region declined (by 17%) on the 2015 figure, but was more than sufficient to cover the current account deficit. As a result, the region as a whole accumulated international reserves in an amount equivalent to 0.4% of GDP.

The examination of financial flows into the region shows that the largest component was foreign direct investment (FDI), which remained broadly stable in 2016. Flows of portfolio capital and other investment net flows declined substantially in 2016, mainly because of net outflows recorded by Brazil. External bond issues by Latin American and Caribbean countries in the first 10 months of 2016 were up by 55% on the year-earlier period.

The region’s sovereign risk, which peaked at 677 basis points in January 2016, retreated and was below 500 basis points in late October. As from February 2016, sovereign risk levels declined in all countries of the region, reflecting an easing of tensions on the global financial market.

C. Economic activity

The GDP of Latin America and the Caribbean contracted by 1.1% in 2016, which translates into a 2.2% decline in per capita GDP. This negative rate of GDP growth continues the process of economic slowdown and contraction in which the region has been mired since 2011. The slowdown in the region’s economic activity in 2016 was essentially due to lower growth in most of the South American economies and outright contractions in some, such as Argentina, the Bolivarian Republic of Venezuela, Brazil and Ecuador. In South America as a subregion, a contraction of 1.7% in 2015 was followed by one of 2.4% in 2016.

In Central America, growth remained strong despite a slowdown in 2016, to 3.6% from 4.7% in 2015. When Mexico is included with this group, the average falls to 2.4% for the year (compared with 3% in 2015). The economies of the English- and Dutch-speaking Caribbean contracted for the second year running (-1.7%).

The region’s negative growth was caused mainly by a large drop in investment and consumption. Regionwide, domestic demand is estimated to have fallen by 2.0% in 2016, with all its components contracting: private consumption (0.9%), public consumption (1.0%) and gross fixed capital formation (6.8%). Meanwhile, imports dropped by about 3% because of weaker domestic demand, which contributed positively to output growth.

As with economic activity, in which trends contrasted between South and Central America, the behaviour of domestic demand components was also differentiated by subregion in 2016. Thus, in South America private consumption and investment both contracted (by 2.3% and 9.9%, respectively), whereas in Central America both components rose, private consumption by 3.0% and investment by 1.9%.

The Latin American and Caribbean region is expected growt 1.3% in 2017, which would put an end to the contraction of the 2015-2016 biennium. Although the upturn is projected to take place virtually across the board in 2017, as in previous years, its magnitude will vary sharply from one country to another.

D. Employment

In Latin America and the Caribbean as a whole, the quantity and quality of jobs in the labour market declined sharply during 2016. This deterioration did not take place everywhere equally, however, but was concentrated in the South American countries.

The decline in the employment rate in 2016 was accompanied by a rise in the labour market participation rate, which pushed up open unemployment. For the year and the region as a whole, the expectation is for the urban unemployment rate to have risen sharply from 7.4% in 2015 to 9.0% in 2016.

Labour market performance varied greatly across the different subregions and between men and women. In the South American countries, it is estimated that the unemployment rate rose from 8.2% in 2015 to 10.5% in 2016. By contrast, unemployment dropped from 4.9% to 4.6% in the group comprising Central America, Mexico and the Dominican Republic, and from 10.0% to 9.3% in the English-speaking Caribbean countries.

The unemployment rate rose more steeply for women, by 0.7 percentage points, in contrast with 0.3 points for the male rate, in the simple average for the countries for which information is available.

The higher unemployment rate was accompanied by a deterioration in the quality of employment, since wage-earning employment fell by 0.2% and self-employment climbed by 2.7% over the course of 2016.

Although real wages in recorded employment rose by some 1% on average in the countries with information available, this was about one percentage point less than in 2015. In the South American countries, following a very small increase in 2015, real wages held steady in the average figure. By contrast, the countries in the northern part of the region recorded a fresh increase in average real wages. The gain was somewhat smaller than in 2015, however, because nominal increases were lower and average inflation picked up slightly.

E. Policies

1. Fiscal policy

The average fiscal deficit held steady in the countries of Latin America during 2016 relative to 2015. This reflects a reduction in public spending that offset a fall in public revenues of 0.2 percentage points of GDP, so that the overall result came in at 3.0% of GDP for the second year running. The primary deficit (before interest payments) narrowed by a tenth of a percentage point to 0.8% of GDP.

Differences in individual countries’ macroeconomic performance and in the economic specializations of different country groupings were reflected in a great diversity of fiscal situations in the region’s economies.

Fiscal accounts have improved in the north of the region: Central America, the Dominican Republic, Haiti and Mexico. The average deficit continued to narrow in 2016, to 2.1% of GDP from -2.4% of GDP in 2015. In the case of Mexico, the federal public sector deficit also narrowed (from -3.5% to 2.9% of GDP) because of buoyant public revenues. By contrast, in other hydrocarbon-exporting countries of the region, the fiscal deficit widened.

In South America, the fiscal deficit expanded in 2016, to 3.9% of GDP from 3.6% of GDP in 2015. This reflected the fact that the drop in public revenues —which began in 2013— sharpened in 2016, when those revenues declined to 19.1% of GDP from 19.8% in 2015. The reduction in public spending as a share of GDP (from 23.4% to 23.0% of GDP) partly offset the fall in public revenues, but the fiscal deficit expanded in 2016 for the fifth year running, to 3.9% of GDP, as mentioned above.

The average fiscal deficit in the English- and Dutch-speaking Caribbean held steady at 2.5% of GDP for the second year running. Higher public spending (up from 29.9% to 30.5% of GDP) was accompanied by a similar increase in public revenues (up from 27.5% to 28.1% of GDP). The average primary result remained in surplus (0.7% of GDP), reflecting both the large share of total spending accounted for by interest payments and the commitment of governments in the subregion to reducing their high levels of public borrowing.

Gross public debt across all countries of Latin America continued its upward trend to average 37.9% of GDP in 2016, a rise of 1.3 percentage points of GDP on 2015. This trend was seen in 14 of the region’s 19 countries, with Brazil having the highest public debt at 70.3% of GDP, followed by Argentina at 54.0% of GDP, Honduras at 45.9% and Uruguay at 44.8%. At the other extreme, Chile’s public debt is the region’s lowest at 20.6% of GDP, followed by Paraguay at 20.9% and Peru at 21.7%. The indebtedness level of a number of countries changes significantly when the net debt status is considered. In 2016, Brazil had net general government debt of 45.8% of GDP, equivalent to some 65% of its gross debt). Chile, meanwhile, had net central government debt of 3.3% of GDP and Uruguay had net debt of 20.4% of GDP, or roughly half its gross debt.

Although the level of public debt in the region increased on average in 2016, its growth slowed, because the countries opted on the whole to borrow with relative moderation and keep the public accounts sustainable by trimming public spending to offset the decline in public revenues. Conversely, the public debt burden fell in the English- and Dutch-speaking Caribbean in 2016, to 69.6% of GDP on average, a drop of 2 percentage points of GDP from 2015.

There were no substantial increases in public debt service in 2016. Only Argentina, Colombia and Honduras present increases of more than 0.5 percentage points of GDP. Interest payments in Brazil underwent a large correction in 2016, dropping by 2.2 percentage points of GDP. The cost of public debt in the Caribbean was 3.2% of GDP because of the subregion’s high debt levels. Barbados and Jamaica were the countries where debt service represented the greatest cost to the fiscal accounts, at over 8% of GDP.

Reflecting fiscal consolidation, capital spending dropped by an average of 0.3 percentage points of GDP. The largest falls were in the hydrocarbon-exporting countries (Colombia, Ecuador and Trinidad and Tobago) and in Argentina, Panama and Paraguay. Conversely, public investment rose sharply in some countries of Central America (Guatemala, Honduras and Nicaragua) and in the Caribbean. Current primary spending held steady in most of the countries in 2016.

2. Monetary and exchange-rate policies and prices

In the first nine months of 2016, cumulative 12-month inflation rose in the average for the economies of Latin America and the Caribbean, from 6.9% in September 2015 to 8.4% in September 2016.[1] The rise in inflation occurred in all the subregions of Latin America and the Caribbean. In South America, the cumulative 12-month rate climbed from 9.2% in September 2015 to 10.9% in September 2016.

Cumulative 12-month inflation in the economies of the group formed by Central America, the Dominican Republic and Mexico rose, on average, from 2.5% in September 2015 to 3.4% in September 2016. In the economies of the English- and Dutch-speaking Caribbean, cumulative 12-month inflation jumped by 4.5 percentage points between September 2015 (1.8%) and September 2016 (6.3%).

As at September 2016, three economies in the region had inflation rates of over 40%: Argentina, Bolivarian Republic of Venezuela and Suriname. The economies with the lowest rates of inflation included the Bahamas, Barbados, Saint Kitts and Nevis and Saint Lucia, which reported negative rates in September 2016. In Brazil and Uruguay, inflation eased in the first nine months of 2016, although it was still above 8% in both economies.

With regard to the components of inflation, in the average for the region food prices are running ahead of the headline rate and inflation is higher in goods than in services.

During 2016, monetary and exchange-rate policies in the region were guided by different factors, chief among them the dynamics of inflation, uncertainty and thence volatility in international financial markets, and weak growth in aggregate demand.

The higher inflation observed in 2016 reduced the scope for expansionary monetary policy. Similarly, the volatility of financial markets and the repercussions for exchange rates in the region limited the potential for interest rates to be used to stimulate domestic spending. Structural differences between economies and the effects of these factors led to divergent uses being made of the different monetary policy instruments available to policymakers in the region.

In economies that use interest rates as the main instrument of monetary policy, there were differences in the frequency and direction of changes to monetary policy benchmark rates during the first 10 months of 2016. In some countries, persistently rising inflation led central banks to increase interest rates, while in others inflation fell and interest rates were used to stimulate flagging activity in the domestic economy. The differences in management of monetary policy rates have led to a situation in which these rates are at their highest for five years in economies such as Brazil, Colombia, Mexico and Peru, while in Chile, Costa Rica, the Dominican Republic, Guatemala and Paraguay they are currently close to their lowest levels since 2011.

In Latin American economies that use monetary aggregates as their main monetary policy instrument, the rate at which central banks injected money into the economy slowed in the first three quarters of 2016, reflecting trends in inflation in these economies. This meant that the nominal growth of the monetary base slackened in the South American economies (excluding the Bolivarian Republic of Venezuela), in the group formed of Central America (including only non-dollarized economies) and the Dominican Republic and in the region’s dollarized economies. In the economies of the English- and Dutch-speaking Caribbean, the growth of aggregates such as the monetary base and M1 quickened slightly relative to 2015.

Lending interest rates held steady, trending slightly downward, while growth in credit to the private sector slowed.

The policies described above yielded fairly stable market interest rates, albeit with a slight downward trend in most of the region’s economies. The exceptions were the economies of South America that employ the monetary policy rate as their main policy instrument, as market rates there increased slightly during 2016.

Where domestic lending is concerned, nominal growth has tended to slacken. Real-term lending growth has slowed in South America, but edged up in real terms in the group comprising Central America (including only non-dollarized economies), the Dominican Republic and Mexico, as it has in the dollarized economies.

The region’s currencies tended to weaken against the dollar in a context of very volatile international financial markets, and the trend was broadly towards nominal depreciation, albeit with great volatility over the year.

In the comparison between the values for December 2015 and November 2016, the currencies of 13 countries in the region depreciated against the dollar in nominal terms. The five countries with the largest depreciations, all of them by over 15%, were Argentina, Bolivarian Republic of Venezuela, Haiti, Mexico and Suriname. A number of the region’s currencies have shown a tendency to appreciate in the second half of 2016, which has lessened the average depreciation over the first 11 months of the year.

International reserves increased slightly (by 2.1%) in the first 11 months of 2016 relative to the end of 2015. However, they remained below their 2014 level. Reserves increased in 22 of the region’s economies, with the largest rises being in Ecuador (61.6%), Argentina (46.9%), Dominica and El Salvador (25.0%) and Saint Kitts and Nevis (22.3%). Meanwhile, reserves contracted in 10 countries, most notably the Bolivarian Republic of Venezuela (28.2%), the Plurinational State of Bolivia (20.3%), Belize (14.7%) and Uruguay (11.7%). Among the economies with the highest levels of international reserves, particular mention should be made of increases in Brazil and Chile, amounting to 2.6% and 2.1%, respectively.

The conjunction of a larger build-up of nominal reserves and low economic growth has pushed up the ratio of international reserves to GDP in the region as a whole, so that this indicator rose for the fourth year running, to 17.7% of GDP.

F. Risks and outlook for 2017

Global risks and uncertainties in 2107 will have diverse effects on the region’s economic performance. Sluggish growth of the global economy, which has now lasted for over a decade, with average growth of 2.5% in the period 2013-2016, will continue: the average projected for 2017-2018 is 2.8%. This slack performance has been accompanied by slowing productivity —which shows a growth rate of around 1%— and declining rates of growth in global investment and trade. The positive effects of an upturn in 2017 for global trade, which should grow by between 1.8% and 3.1%, could be overshadowed by the mounting protectionism seen since the United Kingdom voted to leave the European Union (Brexit).

In financial markets, the expected normalization of interest rates could increase uncertainly and financial volatility, given the dynamics of financial asset prices. Although the likelihood remains that interest rate rises will be gradual, this could still affect financial flows to emerging markets, including those of Latin America and the Caribbean. Concerns also persist over the financial stability of economies in which credit, especially in the form of international bond issues, has grown strongly, since these could be hurt by higher interest rates on dollar liabilities. This is in addition to concerns over the position of a number of financial institutions in developed countries, chiefly in the eurozone.

To these complex financial and economic growth dynamics have been added uncertainties that could have major impacts on economic performance in the coming years. Recent protectionist trends have raised new uncertainties and risks regarding the future of the global economy. These trends reflect the mounting tensions and difficulties in reconciling and coordinating national policy emphases and aims with the institutional arrangements governing international movements of goods and services, finance and capital, technology and migration in a globalized world.

In this context, global trade —following the questioning of free trade agreements such as the Trans-Pacific Partnership (TPP) and the North American Free Trade Agreement (NAFTA)— is not the only area of tension. The value chain dynamics of global manufacturing, as well as technology mobility, will also be affected. Multilateralism could well be weakened by a stronger tendency towards bilateral agreements on trade and investment.

As in preceding years, global economic conditions will have different effects on the various countries and subregions of Latin America and the Caribbean, and will sharpen subregional differences by the production and trade orientation of their economies.

Although the protectionist tendencies emerging in the United States will have global and regional effects, the possible renegotiation of NAFTA and other trade agreements, as well as uncertainty over the dynamics of monetary transfers from migrants, will have significant effects in particular on Mexico and Central America, which export most of their manufactures and services to the United States. The performance of the economies in the south of the region should benefit from the projected upturn in their terms of trade, although uncertainty remains over the economic future of the eurozone and China.

Terms of trade are expected to improve in the average for Latin America and the Caribbean in 2017, along with an upturn in extraregional demand and a recovery of intraregional trade, thanks to a stronger performance by the economies of the southern part of the region, especially Argentina and Brazil.

Domestic demand in the countries of the region slowed heavily in 2016, mainly owing to a heavy drop in investment and consumption by both public and private sectors. These trends should improve in 2017.

Regaining a growth path will require reversing these trends, with an emphasis on investment, which in turn will require strong mobilization of financial resources. The growing difficulties faced by the countries of the region in financing countercyclical fiscal policy, added to their status as middle-income countries —which hinders their access to external concessional financing and to international cooperation funding—, mean that mobilizing domestic and external resources to finance investment must be a policy priority for the countries in the near term.

To regain fiscal space, it is essential to reduce tax evasion and avoidance, which are very significant in the region. The Economic Commission or Latin America and the Caribbean (ECLAC) estimates that tax evasion and avoidance cost the region the equivalent of 2.4 percentage points of GDP in the case of VAT and 4.3 percentage points in the case of income tax. This represented a total of US$ 340 billion in 2015, or 6.7% of regional GDP. Budget adjustments involving cuts in public investment could deepen the recessionary conditions, because this investment, like private investment, plays a key role in short- and long-run growth. Estimates show that fiscal multipliers are high and significant in the region, and that the public investment multiplier exceeds 2 after two years.

Unlike in 2016 when the region contracted by 1.1%, and despite complex external conditions and a number of risks, the region’s economy is expected to switch direction and return positive growth of 1.3%. As in 2016, the weighted average growth figure masks different growth dynamics between countries and subregions. Central America, including the Spanish-speaking Caribbean and Haiti, is expected to grow by around 3.7% in 2017; including Mexico, with a projected growth rate of 1.9%, brings the average down to 2.3%. Positive growth is projected in 2017 for South America, at 0.9%, and for the English-speaking Caribbean, at 1.3%.

[1] The regional and subregional averages exclude data on inflation for the Bolivarian Republic of Venezuela, since no official information is available for that country.

Global economic trends

The global economy grew by 2.2% in 2016, the lowest rate since the international financial crisis of 2008-2009, and growth is expected to pick up slightly to 2.7% in 2017

Although global trade volume continued to slow in 2016 —with just 1.7% growth over the year— the World Trade Organization (WTO) expects this to recover in 2017, with expansion of between 1.8% and 3.1%

Prices for primary products bottomed out in January 2016, and have begun to rise again since then; overall they are expected to show a drop of 6% for 2016, and a recovery of 8% in 2017

Financial market volatility eased in 2016 —notwithstanding a few short-lived spikes— and the prices of stock market assets have recovered

The global economy grew by 2.2% in 2016, the lowest rate since the international financial crisis of 2008-2009, and growth is expected to pick up slightly to 2.7% in 2017

With respect to the previous year, world economic growth slowed 0.3 percentage points in 2016, to 2.2%, the lowest rate since the international financial crisis of 2008-2009. A lower growth rate had not occurred since 2002.

The developed economies as a group expanded by 1.5%, compared with a rate of 3.6% for the developing countries. This represented a slowdown for both groups, which had posted rates of 2.1% and 3.8% respectively, in 2015.

Projections for 2017 point to a slightly better global growth performance (2.7%), thanks to an upturn in the group of emerging economies, and a slight improvement in the group of developed economies (see figure I.1).

Figure I.1

Selected regions and countries: gross domestic product growth, 2013-2017a

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of United Nations, World Economic Situation and Prospects, 2015, 2016, 2017 and International Monetary Fund (IMF), World Economic Outlook (WEO). Subdued Demand: Symptoms and Remedies, October 2016.

a The figures for 2016 are estimates and those for 2017 are projections, both from World Economic Situation and Prospects, 2017.

India will continue to post the fastest GDP growth among the large emerging economies, with a projected rate of 7.7% for 2017. China’s growth, while forecast to slow to 6.5% in 2017, remains much stronger than that of other large economies, such as Brazil and the Russian Federation, whose output contracted in 2016 (by 3.6% and 0.9%, respectively), but should return to growth in 2017 (0.5% and 0.8%, respectively). For the group of emerging economies overall, then, growth will pick up by around 0.8 percentage points to 4.4% in 2017.

The developed economies as a group are expected to post growth of 1.7% in 2017, a slight upturn over 2016. Within that group, the United States will see growth strengthen (0.4 percentage points with respect to 2016) to 1.9%, while the eurozone will register slightly stronger growth than in 2016 (1.7%). Japan’s economy will pick up to 0.9% growth which, although still very low, is higher than the average for 2014-2016 (0.4%).

Although global trade volume continued to slow in 2016 —with just 1.7% growth over the year— the World Trade Organization (WTO) expects this to recover in 2017, with expansion of between 1.8% and 3.1%

The volume of global trade will continue to slacken in 2016. Trade was growing at annual rates of 8% on average before the global crisis of 2008-2009, but since then has expanded very little (see figure I.2). For 2016 overall, WTO projects growth of 1.7% in trade volumes, a lower rate than in 2015 (2.3%) and the lowest since the global crisis of 2008-2009.

Figure I.2

World: year-on-year variation in trade volume, three-month rolling averages, 2003-2016

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of figures from the Netherlands Bureau of Economic Policy Analysis (CPB).

The slack trade rendering reflects a disappointing import performance across all the subregions (see figure I.3).

Figure I.3

Year-on-year variation in import volumes, three-month rolling averages, December 2014 to August 2016

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of figures from the Netherlands Bureau of Economic Policy Analysis (CPB).

Global trade has slowed so heavily that world output growth will exceed world trade growth in the 2015-2016 biennium. Historically, the opposite is more normal, with world trade usually expanding between 1.5 and 2 times faster than global GDP (see figure I.4).[1]

Figure I.4

Annual variation in global trade volume and in global GDP, average by subperiod, 1981-2016

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of World Trade Organization (WTO) figures and International Monetary Fund (IMF), World Economic Outlook Database, October 2016.

The sluggish goods trade has been attributed to both cyclical and structural factors. Among the former are lacklustre demand since the international financial crisis, slack investment —since investment is a demand component that is trade-intensive— and weak economic activity in the eurozone, a trade-intensive region. The structural factors include the stalled growth in global value chains following rapid expansion in earlier periods, a tendency by transnational corporations to seek local suppliers of inputs (localization), and the growth slowdown in China owing to its structural transformation from an export-driven economy to a consumption- and service-based model.[2]

However, given that lower demand and —especially— lower investment are the strongest forces weakening trade,[3] the upturn in global economy activity projected for 2017 should halt the deceleration of trade volumes. In its September 2016 report, in fact, WTO stated that it expected global trade to grow between 1.8% and 3.1% in 2017.

Nevertheless, global trade —owing to the questioning of free trade agreements such as the Trans-Pacific Partnership (TPP) and the North American Free Trade Agreement (NAFTA)— is subject to tensions. The value chain dynamics of global manufacturing, as well as technology mobility, will also be affected. Multilateralism could well be weakened by a stronger tendency towards bilateral agreements on trade and investment.

Prices for primary products bottomed out in January 2016, and have begun to rise again since then; overall they are expected to show a drop of 6% for 2016, and a recovery of 8% in 2017

The contraction in prices in 2016 was not nearly as severe as in 2015 (6%, compared with 29%).[4] As in 2015, the category of energy products (oil, gas natural and coal) showed the heaviest fall in 2016 (-16%), followed by minerals and metals (-4%). Agricultural products posted a slight rise in prices over the year (3%) (see table I.1).

Table I.1

Annual variation in international prices for primary products, 2015, 2016 and 2017a

(Percentages)

2015

2016

2017

Agricultural and livestock products

-16

3

2

Foods, tropical beverages and oilseeds

-18

4

2

Foods

-15

8

2

Tropical beverages

-21

-1

5

Oils and oilseeds

-22

0

2

Forestry and agricultural raw materials

-6

-1

0

Minerals and metals

-23

-4

3

Energy

-42

-16

19

Crude oil

-47

-16

20

Total for primary products

-29

-6

8

Total for primary products (excluding energy)

-19

-0.2

2

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of figures provided by Bloomberg, the World Bank, the International Monetary Fund (IMF) and The Economist Intelligence Unit.

a The figures for 2016 are estimates and those for 2017 are projections.

Commodity prices are projected to rise by 8% on average in 2017 which, as will be discussed in chapter II, will improve the terms of trade for commodity-exporting countries. The projections of specialized agencies indicate that energy products will post the strongest recovery in 2017, at 19%, while other commodities will see prices edge up by 2%.

Oil prices are expected to trend back up again in 2017 after their 58% fall between mid-2014 and November 2016. Although oil inventories have remained high throughout 2016, production cuts announced by the Organization of the Petroleum Exporting Countries (OPEC) have led to higher price projections for crude oil. Although global demand for crude oil is expected to edge up (1%), driven mainly by the emerging economies (2.3%) given that demand in the developed economies will remain flat, supply by non-OPEC producers will increase little in 2017 (0.6%). However, the current oil prices are in line with the average for the last 50 years, so the effects of OPEC capacity to limit supply remain to be seen.[5]

Prices of mining products will likely rise by 3%, according to the latest projection revisions, owing to production restrictions for some of them, such as zinc, lead and tin.

Favourable supply conditions for most agricultural products account for the modest price rise projected, of 2% for the group overall. However, agricultural price trends are subject to ever-present climate risks, and some impact may be expected from the protectionist measures implemented by economies such as India or from changes in inventory management policy by China.

Financial market volatility eased in 2016 —notwithstanding a few short-lived spikes— and the prices of stock market assets have recovered

Towards the end of the year market volatility was lower than at the January peak and stock market prices had recovered, in some cases considerably (see figures I.5 and I.6). Consistently with these more benign international financial conditions and with changes in investors’ appetite for risk, capital flows to emerging markets have been trending back upwards over the course of 2016, but they remain well below the levels seen between 2010 and 2014 (see figure I.7).

Figure I.5

Implied market volatility indices,a January 2015 to November 2016

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of Bloomberg.

Note: The VIX Index is prepared by the Chicago Board Options Exchange (CBOE) from S&P 500 call and put option prices, and measures expected volatility over the next 30 days. Following the same logic, the CBOE also produces the VXEEM index, which measures volatility in emerging markets, while Deutsche Börse and Goldman Sachs produce the V2X index, which measures eurozone volatility.

Figure I.6

Stock market indices (MSCI)a

(Index: 1 January 2016=100)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of Bloomberg.

a Market capitalization weighted index, Morgan Stanley Capital International.

Figure I.7

12-month cumulative portfolio capital flows to emerging markets, January 2006 to October 2016a

(Billions of dollars)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of Bloomberg.

a Monthly indicator of portfolio capital flows prepared by the Institute of International Finance (IIF).

[1] See World trade Organization (WTO), “Trade statistics and outlook. Trade in 2016 to grow at slowest pace since the financial crisis”, Press Release, No. 779, 27 September 2016 [online] https://www.wto.org/english/news_e/pres16_e/pr779_e.pdf.

[2] See United Nations, World Economic Situation and Prospects, 2017 and International Monetary Fund (IMF), World Economic Outlook (WEO). Subdued Demand: Symptoms and Remedies, October 2016.

[3] IMF attributes about three quarters of the decline in global import growth between the pre- and post-crisis periods (between 2003-2007 and 2012-2015) to lower levels of demand and investment.

[4] These indices are calculated on the basis of products weighted by their relative share in the export basket of the Latin American and Caribbean countries.

[5] See Organization of the Petroleum Exporting Countries (OPEC), Monthly Oil Market Report OPEC, 12 October 2016 [online] http://www.opec.org/opec_web/static_files_project/media/downloads/publications/MOMR%20October%202016.pdf.

The external sector

In 2016, the terms of trade fell by much less than in 2015, although hydrocarbon exporters are still facing substantially lower export prices

The balance-of-payments current account deficit narrowed sharply in 2016, mainly owing to a reduction in the deficit on the goods account, although all components of the current account contributed

The reduction in goods imports has generated a significant improvement in the goods balance in 2016

The net financial flows received by Latin America in 2016 were 17% smaller than in 2015; but they were more than sufficient to cover the current account deficit, so the region as a whole accumulated international reserves

External bond issues by Latin American and Caribbean countries in the first 10 months of 2016 are up by 55% on the year-earlier period

The region’s sovereign risk, which peaked at 677 basis points in January 2016, retreated and was below 500 basis points in late October

The region’s current account deficit narrowed sharply in 2016, mainly owing to the fall in import values associated with weak economic growth. Although net financial inflows were smaller than in 2015, they were more than sufficient to cover the deficit; and the region built up international reserves during the year. Sovereign risk has declined everywhere in the region since February, reflecting an easing of tensions on global financial markets and a simultaneous increase in international bond issues by individual countries.

In 2016, the terms of trade fell by much less than in 2015, although hydrocarbon exporters are still facing substantially lower export prices

In line with the global trend of commodity prices, the regional terms of trade fell by 1% in 2016, much less than the 9% drop recorded in the previous year. Hydrocarbon-exporting countries have again been hit hardest, with a 8% fall, followed by mineral exporters, for which the terms of trade declined by 2%. In contrast, the Central American countries, those that export agro-industrial products, and the Caribbean (excluding Trinidad and Tobago), have all benefited from lower energy prices; and their terms of trade have risen this year, albeit by less than in 2015 (see figure II.1).

Figure II.1

Latin America and the Caribbean (selected countries and country groupings): rate of variation in the terms of trade, 2013-2017a

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a The figures for 2016 and 2017 are estimations and projections, respectively.

b Chile and Peru.

c Argentina, Paraguay and Uruguay.

d Bolivarian Republic of Venezuela, Colombia, Ecuador, Trinidad and Tobago and Plurinational State of Bolivia.

For 2017, if commodity prices recover as projected, the regional terms of trade are likely to improve, by about 5% on average; although the effects on individual countries will depend on the weight of commodities in their export and import baskets. In this case, the hydrocarbon exporters are likely to benefit most, with their terms of trade set to improve by about 15%, since oil is forecast to post the strongest percentage price recovery in 2017 (by around 20%), having suffered the steepest falls in the previous two years.

The balance-of-payments current account deficit narrowed sharply in 2016, mainly owing to a reduction in the deficit on the goods account, although all components of the current account contributed

The deficit on the current account of the balance of payments was equivalent to 2.2% of regional gross domestic product (GDP) (US$ 104.8 billion) in 2016, compared to 3.4% of GDP (US$ 175.2 billion) a year earlier (see figure II.2). While the largest reduction occurred in Brazil, nearly all countries saw their current account balances improve in 2016.[1]

For the region as a whole, all components of the current account helped to reduce the deficit, although the goods account was the main contributor, with the shortfall shrinking by 81% in 2016 (from US$ 52.9 billion in 2015 to US$ 9.8 billion in 2016).[2]

Figure II.2

Latin America: balance-of-payments current account by component, 2005-2016a

(Percentages of GDP)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a The figures for 2016 are projections.

The reduction in goods imports has generated a significant improvement in the goods balance in 2016

The goods account deficit has narrowed sharply in 2016, owing to a 9% fall in the value of imports relative to the previous year’s level, which more than offset the 5% drop in goods exports.

The region’s lacklustre economic activity has drawn in smaller import volumes (-4%), which, combined with lower prices (-5%), has produced the reduction in import value noted above. Recessions in some of the region’s main economies, such as Argentina, Brazil and Ecuador and, have also reduced imports substantially, by some 6%, 24% and 19%, respectively (see figure II.3).

Figure II.3

Latin America and the Caribbean (selected countries and groupings): variation in goods imports by price and volume, 2016

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC).

a Chile and Peru.

b Argentina, Paraguay and Uruguay.

c Bolivarian Republic of Venezuela, Colombia, Ecuador, Trinidad and Tobago and Plurinational State of Bolivia.

The region has seen declining exports for the fourth straight year, as a result of lower export prices (down by more than 5%), despite volumes growing by 1% (see figure II.4). In 2016, exports have declined in all country groupings.

Figure II.4

Latin America and the Caribbean (selected countries and groupings): variation in goods exports, by price and volume, 2016

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC).

a Chile and Peru.

b Argentina, Paraguay and Uruguay.

c Bolivarian Republic of Venezuela, Colombia, Ecuador, Trinidad and Tobago and Plurinational State of Bolivia.

Countries whose exports are based on hydrocarbons, such as the Bolivarian Republic of Venezuela, Colombia, Ecuador, the Plurinational State of Bolivia, and Trinidad and Tobago, are reporting falls of around 21%, largely as a result of lower prices (-15%) but also of smaller export volumes (-7%). In Chile and Peru, which export mainly mining products, lower prices (-6%) were partly offset by larger volumes (up 4%), and this helped cushion the 2% fall in value exported. Countries that export agro-industrial products, such as Argentina, Paraguay and Uruguay, have also compensated for lower export prices (-6%) with volume growth (6%), and in these cases export value has held up. In the case of Brazil, the larger volumes exported (4%) were insufficient to offset the 7% fall in their prices, which resulted in exports shrinking by 4% in 2016. In Central America, exports are down by about 4% in 2016, and Mexico’s foreign sales shrank by 3%; in the latter case, however, the falling oil price had a significant impact.

Similarly to 2015, in terms of export destinations, intraregional sales accounted for most of the fall in 2016 (see box II.1).

Box II.1

Contribution of each destination to the reduction in goods exports

In 2016 the value of goods exports from Latin America has fallen by nearly 5%, chiefly owing to reduced sales to the United States (which explains 1.8 percentage points of the total fall) and within the Latin America and the Caribbean region (1.6 percentage points of the fall). These two destinations had also been the main causes of the 15% decrease in exports in 2015, with the United States accounting for 3 percentage points and Latin America and the Caribbean nearly 4 points.

The fact that the drop in export value is largely explained by a reduction in intraregional exports since 2014, has meant that the intraregional trade coefficient has been declining significantly since then.a While this indicator maintained levels around 20% from mid-2007 until late 2013, it ended the current year at just 15%, its lowest value since 2002.

South America is the subregion hit hardest by the reduction in intraregional exports; of a total fall of 6.4% in export value in 2016, nearly 3 percentage points are explained by weaker sales within the region, while exports to the United States generate a smaller relative impact (around 1 percentage point), and the European Union also accounts for nearly 1 percentage point. Exports to China and the rest of Asia jointly explain only half of a percentage point of the reduction in exports.

It has generally been argued that the downward trend in intraregional trade could restrict the region’s potential to diversify exports and increase its productivity, since Latin America is the main recipient of the region’s own manufactures —and hence of higher value added exports.b Nonetheless, an encouraging sign in this regard is that in South America the sharp fall in exports to the region is closely related to recessionary processes in some of the leading economies of the subregion during this year (Argentina, Brazil, Ecuador and the Bolivarian Republic of Venezuela), so the trend can be expected to reverse given the positive 2017 growth forecasts for the first three economies mentioned.c

Exports from Central America and Mexico are down by 2.8% overall in 2016, including a reduction of nearly 2 percentage points in sales to their leading market and northern neighbour, the United States. In fact, the latter has been cutting its import volumes sharply since early 2015, and this has had more of an impact on the subregion than the fall in intraregional exports of just over one half a percentage point.

Latin America: contribution of each destination to the fall in goods exports, 2016

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC).

Note: Projections on the basis of data for January-July. Central America includes Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua.

Source: Economic Commission for Latin America and the Caribbean (ECLAC).

a The intraregional trade coefficient is defined as the intraregional share in total exports (or imports).

b ECLAC, Latin America and the Caribbean in the World Economy, 2016. Briefing paper [online] http://repositorio.cepal.org/bitstream/handle/11362/40745/1/S1600895_en.pdf.

c Another factor influencing the decline in intraregional exports has been the fall in energy prices, for example in Ecuador and in the Plurinational State of Bolivia (see ECLAC, ibid).

The shortfall on the income account —where outgoing payments associated with foreign direct investment (FDI) and interest on the external debt generate a structural deficit— narrowed from US$ 131.8 billion in 2015 to US$ 124.3 billion, mainly as a result of smaller profit repatriations by transnational enterprises, which continued to face lower export prices.

The current transfers account posted a surplus again, with the 2016 figure (US$ 69.2 billion) higher than in the previous year (US$ 65.1). The main component of this account is migrant remittances flowing into the countries of the region, which, according to the October figures, were up by an average of 7% year-on-year (see figure II.5).

Figure II.5

Latin America and the Caribbean (selected countries): variation in migrant remittance inflows, 2014-2016a

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a The figures for 2016 correspond to January-October in the cases of Colombia, Guatemala, El Salvador and the Dominican Republic; January-September for Honduras, Mexico and Paraguay; January-August in the cases of Brazil and the Plurinational State of Bolivia; and January-June for Costa Rica, Ecuador, Jamaica and Peru.

Looking ahead, if the projections for the recovery of economic activity and world trade are borne out in 2017, the region’s external demand could also pick up.

The weighted average rate of GDP growth of the trade partners of the region’s countries is forecast to be higher than in 2016 in all cases. In the case of Chile, for example, although the country’s main trading partner, China, is expected to see slower economic growth in the coming year, the other countries with which Chile trades could more than take up the slack; so its trade partners’ weighted growth rate should be somewhat higher (see table II.1).

Intraregional trade is also expected to recover in 2017 for countries that trade intensively with Argentina and Brazil (such as Paraguay and Uruguay), given the relatively stronger economic activity projected for these countries in the coming year.

The economies that trade more heavily with United States are likely to benefit from the greater vibrancy projected for the country’s economy in 2017, but they could also be hurt by the revision of trade agreements. The United States is currently the largest export market for Colombia (28% of the country’s total goods exports), Costa Rica (41%), Ecuador (39%), El Salvador (47%), Guatemala (36%), Honduras (44%), Jamaica (39%), Mexico (81%), Nicaragua (54%) and Panama (20%); so trade flows in these countries could be affected to some extent for these reasons.

Table II.1

Latin America: indicator of the growth of trading partners, 2015-2017a

(Percentages)

2015

2016

2017

South America

Argentina

1.7

1.6

2.6

Bolivia (Plurinational State of)

0.7

0.2

1.9

Brazil

3.0

2.7

3.1

Chile

3.1

2.9

3.2

Colombia

2.3

2.0

2.3

Ecuador

2.4

2.3

2.7

Peru

3.0

2.7

2.9

Paraguay

-0.1

-0.2

1.7

Uruguay

1.2

1.1

2.0

Venezuela (Bolivarian Republic of)

4.0

3.9

4.0

Central America and Mexico

Costa Rica

2.8

2.7

2.8

Dominican Republic

1.9

2.1

2.4

El Salvador

3.1

3.1

3.1

Guatemala

2.7

2.7

2.9

Honduras

2.5

2.4

2.6

Mexico

2.4

2.3

2.5

Nicaragua

2.1

1.9

2.2

Panama

2.7

2.6

2.7

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of information from the United Nations Commodity Trade Database (COMTRADE), for trade partner weightings, and International Monetary Fund (IMF) World Economic Outlook, October 2016, for GDP growth projections.

a The growth rates have been weighted by each partner’s share in the total goods exports of the Latin American country in question.

In addition to external demand factors, another influence on trade values in 2017 will be commodity prices, which are projected to be 8% higher on average than in 2016. This heralds a stronger export performance by economies that are specialized in exporting these products, mainly those of South America.

The net financial flows received by Latin America in 2016 were 17% smaller than in 2015; but they were more than sufficient to cover the current account deficit, so the region as a whole accumulated international reserves

In 2016, the net flow of financial resources into the region (in other words the balance-of-payments capital and financial account),[3] amounted to 2.6% of GDP, which was more than sufficient to cover the current account deficit (-2.2% of GDP). As a result, the region as a whole accumulated international reserves in an amount equivalent to 0.4% of GDP (an increase of more than 2% in the reserves stock).

Although total flows into the region in 2016 were 17% down on the previous year’s level, this mainly reflects the reduction in Brazil, since flows to the rest of the economies increased by 8% on average.

The financial account reveals differentiated patterns between net FDI, on the one hand, and portfolio capital (essentially investments in bonds and shares) and net other investment flows (mostly cross-border deposits and loans), on the other.

FDI is the main financial inflow to the region as a whole, representing around US$ 133.5 billion in 2015, and remaining broadly stable in 2016 (see figure II.6).[4]

Meanwhile, the other financial account items (portfolio capital and net other investment flows) declined substantially in 2016, mainly because Brazil recorded net outflows in this category in the first three quarters of 2016.

Figure II.6

Latin America (four countries): cumulative foreign direct investment and other financial flows, January 2008 to September 2016

(Billions of dollars)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

External bond issues by Latin American and Caribbean countries in the first 10 months of 2016 are up by 55% on the year-earlier period

A significant part of the increase in debt issuances reflected the Argentine sovereign sector’s return to the markets following the agreement with the debt-restructuring holdouts and new issuances by the Brazilian State oil company (Petrobras), although other countries in the region increased their issuances as well.

Mexico issued the largest volume of debt in absolute terms in 2016 —over 20% more than in 2015. The second largest issuer was Argentina, where, in addition to the sovereign sector, corporate issues increased eightfold year-on-year in January-October 2016; and the quasi-sovereign sector, mainly the provinces, tripled their issues.

The cumulative volume of bond issues over the last 12 months reflects an upturn in all sectors, although the supranational institutions lead the issuance growth rates, along with sovereigns and quasi-sovereigns (see figure II.7 and table II.2).[5]

Figure II.7

Latin America and the Caribbean: annual variation in cumulative debt issues on international markets over the last 12 months by institutional sector, January 2009-October 2016

(Billions of dollars)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of figures from the Latin Finance Bonds Database.

Table II.2

Latin America and the Caribbean: variation in debt issues on international markets by institutional sector, 2015-2016a

(Percentages)

Institutional sector

Variation

Supranational

102

Sovereigns

87

Quasi-sovereigns

55

Banks

14

Private sector

10

Total

55

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of figures from the Latin Finance Bonds.

a Refers to the period January-October for each year.

The region’s sovereign risk, which peaked at 677 basis points in January 2016, retreated and was below 500 basis points in late October

As from February this year, sovereign risk levels declined in all countries of the region, reflecting an easing of tensions on the global financial market.

Between the peak in January and late October 2016, the regional Emerging Market Bond Index Global (EMBIG) fell by 210 basis points, chiefly as sovereign risk decreased in countries that had suffered sharp rises in 2015, such as the Bolivarian Republic of Venezuela, Brazil, and Ecuador (see figure II.8).[6] The regional index stood at 467 basis points in late October 2016; and the countries with the highest sovereign risk levels are Bolivarian Republic of Venezuela (2,316 basis points) and Ecuador (743 basis points) (see table II.3).

Figure II.8

Latin America (13 countries): sovereign risk according to the Emerging Markets Bond Index Global (EMBIG), January 2012 to October 2016

(Basis points)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of figures from JP Morgan.

Table II.3

Latin America (13 countries): Emerging Markets Bond Index Global (EMBIG), 2015 and 2016

Country

31 December 2015

29 January 2016

31 October 2016

Argentina

438

502

452

Bolivia (Plurinational State of)

250

262

130

Brazil

548

540

316

Chile

253

274

177

Colombia

317

378

237

Dominican Republic

421

498

386

Ecuador

1 266

1 509

743

Mexico

315

362

293

Panama

214

246

168

Paraguay

338

364

268

Peru

240

273

155

Uruguay

280

317

230

Venezuela (Bolivarian Republic of)

2 807

3 560

2 316

Latin America

605

677

467

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of figures from JP Morgan.

[1] Excluding Brazil, the current account deficit in 2016 is 2.7%, compared to 3.5% in 2015.

[2] If Brazil is excluded, there is still a reduction in the trade deficit, but only by 24%.

[3] The capital and financial account balance includes balance-of-payments errors and omissions.

[4] Financial-account data is available up to the third quarter of 2016 for four countries whose FDI flows represented 72% of the regional total in 2015.

[5] The quasi-sovereign sector includes public-sector development banks and State-owned enterprises, among other entities. The supranational sector includes regional development banks, such as the Development Bank of Latin American (CAF) and the Central American Bank for Economic Integration (CABEI).

[6] Sovereign risk in the Bolivarian Republic of Venezuela was improved by a debt swap undertaken by the oil company Petróleos de Venezuela (PDVSA).

Economic activity

Economic growth in the region contracted yet further in 2016, while there continued to be large differences between the countries

Economic performance has differed between South America and Central America

The contraction of regional GDP reflects the persistent decline of investment and consumption

This contraction of economic activity took place in a context where the agriculture, mining and service sectors reinforced the negative contribution of industry to growth

Economic growth in the region contracted yet further in 2016, while there continued to be large differences between the countries

The GDP of Latin America and the Caribbean contracted by 1.1% in 2016, which translates into a 2.2% decline in per capita GDP. This negative rate of GDP growth continues the process of economic slowdown and contraction that the region has been mired in since 2011.

The loss of dynamism in the region’s economic activity in 2016 was essentially due to lower growth in most of the South American economies and outright contractions in some, such as Argentina (-2.0%), the Bolivarian Republic of Venezuela (-9.7%), Brazil (-3.6%) and Ecuador (-2.0%). In South America as a subregion, a contraction of 1.7% in 2015 was followed by one of 2.4% in 2016.

Growth likewise slowed in the group comprising Central America,[1] where it declined from 4.7% in 2015 to 3.6% in 2016, and in Mexico, where it dropped by half a percentage point to 2.0% in 2016 from the 2.5% recorded in 2015 (see figure III.1). The economies of the English- and Dutch-speaking Caribbean contracted for the second year running (-1.7%).

Figure III.1

Latin America and the Caribbean: GDP growth rates, 2016a

(Percentages based on dollars at constant 2010 prices)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a The figures are projections.

The Dominican Republic and Panama are the economies of the region that grew most strongly (by 6.4% and 5.2%, respectively), followed by Nicaragua (4.8%), Antigua and Barbuda (4.2%) and then Costa Rica (4.1%). Other than Suriname, Trinidad and Tobago and Belize, which contracted by 10.4%, 4.5% and 2.4%, respectively, all the other economies grew by between 0% and 4.0% (see figure III.1).

Economic performance has differed between South America and Central America

Quarterly figures reveal the divergent performance of the different subregions and the contrasting trends obtaining in South America and in the group of countries formed by Central America. Growth rates in South America have declined constantly since the first quarter of 2010, first because of the loss of dynamism in the external sector and then because of the contraction of domestic demand. Conversely, recovery in the United States meant that an upturn began in the second half of 2013 both in Central America and in Mexico (see figure III.2).

Figure III.2

Latin America: year-on-year changes in quarterly GDP, weighted averages, first quarter of 2008 to second quarter of 2016

(Percentages based on dollars at constant 2010 prices)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

The contraction of regional GDP reflects the persistent decline of investment and consumption

The region’s negative growth was caused mainly by a large drop in investment and consumption. Regionwide, domestic demand is estimated to have fallen by 2% in 2016, with all its components contracting: private consumption (-0.9%), public consumption (-1.0%) and gross fixed capital formation (-6.8%). In this last case, the main explanatory factors were the contraction of activity in the construction sector in some countries and the general decline in machinery and equipment investment. The contraction of private consumption reflects, first, the higher jobless rate and the worsening composition of employment and, second, a loss of dynamism in financial system lending (see chapter V, which deals with employment and wages). The drop in public consumption resulted from a general intensification of the retrenchment in public spending. A slowdown in exports, which are estimated to have grown by less than 1% in real terms in 2016, meant that their contribution, while still positive, was much smaller. Meanwhile, imports dropped by about 3% because of weaker domestic demand, which contributed positively to output growth (see figure III.3).

Figure III.3

Latin America: GDP growth rates and contribution by expenditure components to growth, first quarter of 2008 to second quarter of 2016

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

Gross fixed capital formation has presented negative growth rates since the second quarter of 2014, so that the end of 2016 marked the eleventh consecutive quarter of decline. Prior to this, investment had only contributed negatively to GDP growth in years of economic crisis in the region: in 1995 because of the Mexican economic crisis, in 1999 because of the Brazilian crisis, in 2002 because of the “dotcom” crisis and the Argentine crisis, and in 2009 because of the international economic and financial crisis originating in the United States subprime mortgage market.

As with the divergence of economic activity trends between South America and Central America, the dynamics of domestic demand components also differed by subregion in 2016.

Thus, while private consumption and investment dropped by 2.3% and 9.9%, respectively, in South America, private consumption grew by 3.0% in Central America, becoming the main source of growth, while investment also rose, albeit to a lesser extent (1.9%).

This contraction of economic activity took place in a context where the agriculture, mining and service sectors reinforced the negative contribution of industry to growth

The performance of domestic demand in Latin America was matched by the decline in economic activity at the sectoral level. For simplicity’s sake, the different production activities have been grouped into three major sectors. The first includes agriculture and mining. The second, the industrial sector, covers construction, manufacturing and electricity, gas and water. The third, the service sector, encompasses transport and communications, commerce, financial and business services and communal, social and personal services.

The export slowdown brought a drop in output in the industrial sector (-3.0%) in the first half of 2016, and this was compounded by a fall in service-sector output (-1.2%), mainly because of the decline in commerce (-1.8%), reflecting lower private consumption. Sluggish exports and declining commerce and imports negatively impacted the transport and communications sector (-8.3%). Although other services did not contract, their growth did slow as public-sector spending retrenched further. In industry, the manufacturing contraction that had begun in 2014 deepened as domestic demand deteriorated. In consequence, agriculture and mining contributed -0.56 percentage points to value added growth in the first half of 2016 (with mining alone accounting for -0.50 percentage points), the industrial sector -0.08 percentage points and the service sector -0.51 percentage points (see figure III.4).

Once again, there were large subregional differences. In 2016, only mining contracted in the subregion formed by Central America and Mexico, while in South America the construction sector, the electricity, gas and water sector and the communal, social and personal services sector were the only ones to grow.

Figure III.4

Latin America: value added growth rates and contribution of economic sectors to growth, first quarter of 2008 to second quarter of 2016

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

[1] Includes Costa Rica, Cuba, Dominican Republic , El Salvador, Guatemala, Haiti, Honduras, Nicaragua and Panama.

Domestic prices

In the first nine months of 2016, inflation gathered pace in the Latin American and Caribbean economies on average, with some countries posting rates above 40%

Inflation is higher in goods than in services, while food prices are running ahead of the headline rate

In the first nine months of 2016, inflation gathered pace in the Latin American and Caribbean economies on average, with some countries posting rates above 40%

Cumulative 12-month inflation rose on average among the Latin American and Caribbean economies in the first nine months of 2016, rising from 6.9% in September 2015 to 8.4% in September 2016 (see figure IV.1).[1] This regional dynamic has been under way since inflation hit a 10-year low of 3.5% in October 2009.

Figure IV.1

Latin America and the Caribbean: consumer price index (CPI), weighted average 12-month rates of variation, January 2011 to September 2016

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

Inflation has accelerated in all subregions of Latin America and the Caribbean. In South America, the 12-month cumulative rate rose from 9.2% in the September 2015 to 10.9% a year later —even though Argentina and Colombia were the only countries included in this subregional average to report higher individual rates.

The economies of Central America,[2] the Dominican Republic and Mexico, as a group, saw 12-month cumulative inflation rise from 2.5% in September 2015 to 3.4% in September 2016. Among these countries, Haiti reported the highest inflation (12.5%) and is the only one with a rate above 5%. In the English- and Dutch-speaking Caribbean economies, the 12-month cumulative rate of inflation was up by 4.5 percentage points year-on-year in September 2016 (from 1.8% to 6.3%). However, Suriname was the only economy in this subregion to post inflation of over 3% in 2016, with a rate of 63.9% in June, the highest rate for 10 years. This alone explains the rise in the subregional average rate.

Table IV.1

Latin America and the Caribbean: consumer price index (CPI), weighted average 12-month rates of variation, September 2014 to September 2016

(Percentages)

At September

2014

At September

2015

At September

2016

At December

2014

At December

2015

Latin America and the Caribbeana

6.4

6.9

8.4

6.3

7.9

South Americaa

7.6

9.2

10.9

7.5

10.6

Argentina

23.8

21.9

42.4

23.9

27.5

Bolivia (Plurinational State of)

4.3

4.1

3.5

5.2

3.0

Brazil

6.7

9.5

8.5

6.4

10.7

Chile

5.1

4.6

3.1

4.6

4.4

Colombia

2.9

5.4

7.3

3.7

6.8

Ecuador

4.2

3.8

1.3

3.7

3.4

Paraguay

4.1

3.7

3.5

4.2

3.1

Peru

2.7

3.9

3.1

3.2

4.4

Uruguay

8.4

9.1

8.9

8.3

9.4

Venezuela (Bolivarian Republic of)

64.0

141.5

…

68.5

180.9

Central America, Dominican Republic and Mexico

4.2

2.5

3.4

4.0

2.7

Costa Rica

5.2

-0.9

0.4

5.1

-0.8

Cuba

1.7

2.1

…

2.1

2.8

Dominican Republic

2.8

0.4

1.4

1.6

2.3

El Salvador

1.7

-2.3

1.0

0.5

1.0

Guatemala

3.5

1.9

4.6

2.9

3.1

Haiti

5.3

11.3

12.5

6.4

12.5

Honduras

6.1

2.8

2.9

5.8

2.4

Mexico

4.2

2.5

3.0

4.1

2.1

Nicaragua

6.5

2.6

3.5

6.4

2.9

Panama

2.3

-0.4

1.2

1.0

0.3

The Caribbean

5.7

1.8

6.3

4.7

3.3

Antigua and Barbuda

1.6

0.9

0.0b

1.3

0.9

Bahamas

1.3

2.2

-0.3b

0.2

2.0

Barbados

2.0

-1.1

-0.4c

2.3

-2.5

Belize

0.9

-0.7

0.7

-0.2

-0.6

Dominica

0.9

-1.4

-0.4b

0.5

-0.5

Grenada

0.1

0.6

1.9b

-0.6

1.1

Guyana

0.3

-1.0

0.9

1.2

-1.8

Jamaica

9.0

1.8

2.2

6.2

3.7

Saint Kitts and Nevis

0.0

-2.9

-3.1b

-0.5

-2.4

Saint Lucia

5.5

-2.2

-4.1b

3.7

-2.6

Saint Vincent and the Grenadines

0.3

-1.7

0.9b

0.1

-2.1

Suriname

3.9

4.4

63.9b

3.9

25.2

Trinidad and Tobago

7.8

4.8

3.0

8.5

1.5

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Excludes the Bolivarian Republic of Venezuela owing to the lack of official information for 2016.

b Data as of June 2016.

c Data as of April 2016.

The countries with the region’s highest inflation rates (Argentina, Suriname and the Bolivarian Republic of Venezuela)[3] have also been enduring steep economic downturns. Other common features of these economies include steep nominal exchange-rate depreciations, sharp public-utility rate hikes and the monetization of large fiscal deficits.

Among the economies with lower inflation (12-month cumulative rate), four English- and Dutch-speaking Caribbean countries (Bahamas, Barbados, Saint Kitts and Nevis and Saint Lucia) reported negative rates in September 2016. In Brazil and Uruguay, inflation eased in the first nine months of 2016, although it was still above 8% in both economies.

Inflation is higher in goods than in services, while food prices are running ahead of the headline rate

Although the rise in average inflation for the region has been reflected in all of its components, goods prices are outpacing services. According to figures for August 2016, the 12-month regional average rates are 10.3% and 7.8%, respectively.

Figure IV.2

Latin America and the Caribbean: consumer price index (CPI), weighted average 12-month rates of variation in headline, core, goods and services inflation, January 2011 to August 2016

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

For the economies of South America, excluding the Bolivarian Republic of Venezuela, inflation in goods prices was up by 4.3 percentage points year-on-year in the cumulative 12-month rate in August 2016, to 13.8%, compared with 10.7% for services prices. In Central America, the Dominican Republic and Mexico, the inflation rate recorded in August 2016 was 3.3%, with service prices up 2.0%. The English- and Dutch-speaking Caribbean is the only subregion to display a different inflation dynamic; and, in this case, services outpaced goods, with prices rising by 8.7% and 6.9%, respectively.

At the country level, goods prices rose by more than 50% in Argentina and Suriname, driven by the depreciations in their individual nominal exchange rates, whereas Saint Kitts and Nevis saw goods prices fall by 10.3%. In the case of services, Argentina and Suriname are again the leaders with prices rising by more than 40%, fuelled by higher public-utility rates and charges.

The food sector is posting the highest inflation rates, both in Latin America and the Caribbean as a whole and in each subregion. As a regional average, food price inflation was 10.7% in August 2016, 2.39 percentage points up on August 2015. In South America, food inflation was 14.4% (4.5 percentage points higher than in 2015); in Central America, the Dominican Republic and Mexico, as a group, it was 3.4%; and in the English- and Dutch-speaking Caribbean, it was 7.4%.

[1] The regional and subregional averages shown in the tables and figures of this section exclude the Bolivarian Republic of Venezuela, since official information is not available on the trend of in this country in 2016.

[2] Includes Costa Rica, Cuba, El Salvador, Guatemala, Haiti, Honduras, Nicaragua and Panama.

[3] Although there are no official data for the Venezuelan economy, preliminary estimates suggest a price surge in 2016, pushing inflation above the 180% recorded in the previous year. In fact, Latin America Consensus Forecast sees inflation in the Bolivarian Republic of Venezuela reaching a level of 515.4% in 2016. The factors underlying this projection include: faster growth in the monetary aggregates, driven by increasing monetization of the public sector deficit by the Central Bank of Venezuela; a steep exchange-rate depreciation, on both the official and the parallel markets; and the severe external constraint faced by this economy, which has exacerbated the dwindling supply of goods and inputs.

Employment and wages

Unemployment rose in the context of a declining employment rate and a rising participation rate

Labour market performance varied both between subregions and between men and women

Average employment quality deteriorated

Real wage growth slowed

In Latin America and the Caribbean as a whole, the quantity and quality of jobs in the labour market declined sharply during 2016. The region’s urban unemployment rate increased by more than it had during the international financial crisis of 2009, and the composition of employment worsened, with the share of insecure and unprotected jobs increasing. This deterioration did not take place everywhere, though, but was concentrated in the South American countries.

Unemployment rose in the context of a declining employment rate and a rising participation rate

As regional GDP contracted, the average urban employment rate fell for the third year in a row. Having dropped by a cumulative 0.6 percentage points in 2014 and 2015, it fell even more quickly in 2016, the expectation being for a year-on-year decline to 57.1% from 57.8% in 2015.[1]

Another development in 2016 was a reversal of the downward trend in the urban participation rate that had been a feature of earlier years. In line with the predominantly procyclical behaviour of the labour supply in the region, the gradual long-run upward trend in this rate had been cut short in 2013 in response to weakening labour demand, and between 2014 and 2015 it had dropped by a cumulative 0.4 percentage points.[2] This loosening of working-age people’s ties to the labour market cushioned the impact of lower job creation on the open unemployment rate. Probably because of the negative consequences of the prolonged drop in the employment rate and its impact on household incomes, however, many households began sending new members into the labour market, and this contributed to an estimated 0.3 percentage point rise in the urban participation rate in 2016.

Consequently, whereas the effects on open unemployment of developments in the participation and employment rates had partially offset each other in earlier years, they instead reinforced each other in 2016, and unemployment rose sharply (see figure V.1A).

For the year and the region as a whole, the expectation is for the urban unemployment rate to have risen from 7.4% to 9.0%. This shift represents a rise of 4.1 million in the number of urban unemployed, bringing the total number of urban residents in this situation to 21.3 million.

As can be seen in figure V.1B, covering a limited group of countries with quarterly information available, year-on-year increases in the urban unemployment rate accelerated over 2016, reaching 1.9 percentage points in the third quarter. Of particular concern is the fact that the employment rate had shown no sign of reversing its decline by that same quarter, having fallen by about 0.7 percentage points year on year in both the second and the third quarters.

Figure V.1

Latin America and the Caribbean (weighted average of 12 countries): urban participation, employment and unemployment rates, rolling years and year-on-year changes, first quarter of 2013 to third quarter of 2016a

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a The countries considered are Argentina, the Bolivarian Republic of Venezuela, Brazil, Chile, Colombia, Costa Rica, Ecuador, Jamaica, Mexico, Paraguay, Peru and Uruguay. Some estimates based on incomplete data are included.

b Preliminary data.

Labour market performance varied both between subregions

and between men and women

However, labour market performance varied greatly across the different subregions. Urban unemployment rates rose to a greater or lesser degree in all the South American countries with information available (Argentina, the Bolivarian Republic of Venezuela, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru and Uruguay). Thus, the urban open unemployment rate for the South American countries as a group rose from 8.2% in 2015 to 10.5% in 2016.

By contrast, open urban unemployment dropped from 4.9% to 4.6% in the group comprising Central America,[3] the Dominican Republic and Mexico and from 10.0% to 9.3% in the English-speaking Caribbean countries. According to preliminary data, this more favourable evolution was due to the rate falling in Barbados, Belize, the Dominican Republic, Jamaica and Mexico, while it held steady in Costa Rica and rose in the Bahamas, Guatemala, Panama and Trinidad and Tobago.

Thus, urban unemployment rates rose in 13 of the 19 Latin American and Caribbean countries with information available. There was a particularly large increase in Brazil, where urban unemployment in the 20 main metropolitan regions, averaged across the first three quarters, rose from 9.2% in 2015 to 12.8% in 2016. If Brazil is excluded from the regional estimate, the urban unemployment rate only rose from 6.2% to 6.5%.

Taking the simple average for these countries, the rise in the unemployment rate, averaged over the first three quarters of 2016, was 0.5 percentage points. As figure V.2 shows, this increase was more marked for women than for men (0.7 versus 0.3 percentage points), so that the gender gap for this variable widened.

Figure V.2

Latin America and the Caribbean (simple averages of 17 countries): year-on-year changes in participation, employment and unemployment rates, by sex, first three quarters of 2016a

(Percentage points)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a The countries considered are Argentina, the Bahamas, Barbados, the Bolivarian Republic of Venezuela, Brazil, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, Guatemala, Jamaica, Mexico, Panama, Paraguay, Peru and Uruguay. Not all the countries have complete information for all three quarters.

The processes driving up unemployment rates were different for men and women. In the case of men, the decisive factor was the drop in the employment rate, which outstripped the decline in the participation rate. In contrast, what predominated for women was the rise in the participation rate, while the employment rate held steady, implying a small increase in the absolute number of women in work, once again as a simple average of the countries with information available. Thus, the structural gap between the sexes narrowed for both variables.

Average employment quality deteriorated

The increase in the proportion of women in work occurred, however, in a context of worsening job quality. On the basis of information from 11 countries showing the contraction of regional output and the concomitant weakness of employers’ demand for labour, it is estimated that the number of wage workers must have fallen slightly (0.2%). In contrast, own-account work continued to behave in a markedly procyclical way, rising by 2.7% (see figure V.3).[4]

Figure V.3

Latin America and the Caribbean (weighted averages for 11 countries): economic growth and job creation, 2013-2016a

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a The countries considered are the Bolivarian Republic of Venezuela, Brazil, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, Mexico, Panama, Paraguay and Peru. The 2016 employment data are averages for the first three quarters; the 2016 GDP figure is an estimate for the year.

The weakness of labour demand and the divergent labour market performance of the different subregions were also manifested in the evolution of registered employment (employees paying into social security institutions), an indicator of good-quality employment. With the exception of Chile, where growth rates held steady, there was a sharp decrease in registered employment growth in the South American countries with information available (see figure V.4).[5] In Brazil and Uruguay, registered employment fell year on year in absolute terms.

In contrast, registered employment growth has held steady or even increased in most of the countries in the north of the region (Costa Rica, El Salvador, Mexico and Nicaragua), with Panama being an exception, as employment there contracted at larger firms in the areas of manufacturing, commerce, hotels and restaurants and other services.

The behaviour of another indicator of employment quality, hourly underemployment, was mixed.[6] This indicator of employment quality problems rose in Argentina, Chile, Ecuador, Guatemala, Peru and Uruguay, while the proportion of employed people affected by hourly underemployment fell in Colombia, Costa Rica, Mexico and Paraguay.

Job creation by branch of activity displays differences and similarities whether weighted averages or medians are used in the analysis (see figure V.5).

Figure V.4

Latin America (10 countries): year-on-year growth in registered employment, 2013-2016a b

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a The data are for wage workers paying into social security systems, with the exceptions of Brazil, where they are for private-sector wage workers reported by firms to the General Register of the Employed and Unemployed (CAGED); Panama, where they come from surveys of firms employing five people or more; and Peru, where they are for employment reported at small, medium-sized and large formal non-agricultural enterprises.

b The year-on-year changes given for 2016 are averages from January to June for Panama, January to July for El Salvador, January to August for Argentina and Nicaragua and January to September for Brazil, Chile, Costa Rica, Mexico, Peru and Uruguay.

Figure V.5

Latin America and the Caribbean (11 countries): employment changes between the first three quarters of 2015 and 2016, by branch of activity, weighted averages and medians of national rates of changea

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a The countries considered are Brazil, Chile, Colombia, Costa Rica, the Dominican Republic, Ecuador, Jamaica, Mexico, Panama, Paraguay and Peru.

Data from 11 countries show, first, that total employment measured as a weighted average was stagnant because of the impact of the jobs downturn in Brazil, whereas the median increased modestly. When employment by major branch of activity is taken, the weighted average also yields a more negative picture than the median for manufacturing, commerce, financial services, real estate and business services, and communal, social and personal services, whereas there is little difference in the cases of agriculture and transport. Most of the difference by major branch of activity is explained by the performance of Brazil, where employment contracted sharply in manufacturing and in the financial services, real estate and business services sector (by 10.9% and 8.6%, respectively, if the average for the first three quarters of 2016 is compared to the same period in 2015), while it held steady in commerce and construction.

Construction was the only branch where growth was more favourable when measured as a weighted average than when measured as a median. In this case, employment contracted in 5 of 11 countries because of weakening domestic demand, but employment growth in this sector in Mexico drove a moderate increase in the weighted average across the group of countries as a whole.

On both measures, in any event, employment contracted in agriculture and manufacturing while expanding, particularly, in the tertiary sector.

Real wage growth slowed

Real wages in registered employment rose by some 1% on average in the countries with information available, or about a percentage point less than in 2015 (see figure V.6A), chiefly because of higher inflation that was not offset by larger nominal increases in a context of weak demand for labour.

Figure V.6

Latin America (simple average of 10 countries): breakdown of year-on-year changes in real wages, in total and for northern and southern countries, 2015 and first three quarters of 2016a

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a The countries considered are Costa Rica, El Salvador, Mexico, Nicaragua and Panama (northern countries) and Brazil, Chile, Colombia, Peru and Uruguay (southern countries).

Differences between countries in the north and south of Latin America are in evidence once again, however. In the South American countries, following a very small increase in real wages in 2015, the rise in average year-on-year inflation in 2016 prevented them from growing again. In this group of countries, the decline in real wages in Brazil and Colombia offset small increases in Chile, Peru and Uruguay.

In contrast, the northern countries recorded a fresh increase in real wages. This was somewhat smaller than in 2015, however, because nominal increases were lower and average inflation picked up slightly.

Wage policy was dominated by the effort to stabilize wages for the least skilled workers, predominantly from low-income households, and the median minimum wage across 18 countries rose by 2.5% in real terms.

In summary, the region’s macroeconomic performance affected labour markets, and job creation deteriorated sharply in the region as a whole, in terms of both quantity and quality. At the same time, the drop in the employment rate, the rise in the unemployment rate and the deteriorating composition of employment depressed households’ purchasing power, which weakened the ability of domestic demand to reactivate economic growth. The small rise in the average real wage was the only factor working to stabilize households’ consumption capacity. In the context of a deteriorating labour market, however, real wage increases were also smaller than in previous years.

At the same time, there was a marked difference in labour market performance between the South American countries, almost all of which suffered a deterioration of different magnitude, and countries in the other subregions, where trends were moderately more favourable.

In view of the economic growth projections for Latin America and the Caribbean in 2017, the regional employment rate is expected to remain at around the average for 2016. This implies a further increase in the regional unemployment rate if the recent trend towards a slowly rising participation rate continues, albeit only a small one of around 0.2 percentage points.

[1] Updated information on a number of countries has been incorporated from 2016, so that the figures given in this report are not comparable with those in earlier editions. See box I.2 of the Economic Survey of Latin America and the Caribbean 2016 for further details.

[2] Quarterly data show a year-on-year rise in the participation rate from the fourth quarter of 2015.

[3] In this case, the Central American countries for which information is available are Costa Rica, Guatemala and Panama.

[4] The countries with information available reported median increases of 1.1% for total employment, 0.1% for wage employment and 2.9% for own-account work.

[5] The number of people in registered employment changes not only as such jobs are created and destroyed but as existing informal jobs become formal and formal ones become informal.

[6] Employed people are considered to be affected by hourly underemployment when they work less than a minimum number of hours set in each country, wish to work more hours and are available to do so.

Macroeconomic policy

A. Fiscal policy

Fiscal accounts continued to follow different trends in the region’s north and south during 2016

Public debt is still rising, but its growth has moderated healthily

There were deeper cutbacks in public spending, and capital spending in particular

The decline in public revenues that has been ongoing in Latin America since 2013 was aggravated in 2016 by a drop in tax receipts

B. Monetary and exchange-rate policies

Structural differences between economies and the effects of the factors mentioned above led to divergent uses being made of the different monetary policy instruments available to policymakers in the region

Lending interest rates held steady, trending slightly downward, while growth in credit to the private sector slowed

The region’s currencies tended to weaken against the dollar in a context of very volatile international financial markets

The region’s real effective exchange rate depreciated during 2016

International reserves rose by an average of 2.1%

A. Fiscal policy

Fiscal accounts continued to follow different trends in the region’s north and south during 2016

The average fiscal deficit held steady in the countries of Latin America during 2016 relative to 2015 (see figure VI.1). This reflects a reduction in public spending that offset a fall in public revenues of 0.2 percentage points of GDP, so that the overall result came in at -3.0% of GDP for the second year running. The primary deficit (before interest payments) narrowed by 0.1 of a percentage point to -0.8% of GDP. However, differences in individual countries’ macroeconomic performance and in the economic specializations of different country groupings in Latin America were reflected in a great diversity of fiscal situations.

Figure VI.1

Latin America and the Caribbean: central government fiscal indicators, 2010-2016a

(Percentages of GDP)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a The 2016 figures are official estimates for the close of the fiscal year taken from 2017 budgets.

b Data from the Bolivarian Republic of Venezuela, Cuba and the Plurinational State of Bolivia are excluded.

Fiscal accounts have improved in the north of the region (Central America,[1] the Dominican Republic, Haiti and Mexico), reflecting favourable terms of trade and steady growth in the United States, these countries’ main trading partner. The average deficit continued to narrow in 2016, declining to -2.1% of GDP from -2.4% of GDP in 2015 (see figure VI.2). This was mainly due to a rise in public revenues (up 0.2 percentage points of GDP to 16.2% of GDP), as public spending held steady at 18.3% of GDP. It is important to note that while Mexico is a hydrocarbon exporter, the country’s federal public-sector deficit also narrowed (from -3.5% to -2.9% of GDP) because of buoyant public revenues.

Figure VI.2

Latin America (selected country groupings): central government fiscal indicators, 2010-2016a

(Percentages of GDP)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a The 2016 figures are official estimates for the close of the fiscal year taken from 2017 budgets.

b The countries considered are Argentina, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru and Uruguay.

Conversely, the fiscal situation of the South American countries continued to worsen as international commodity prices fell and domestic demand slowed. The fiscal deficit expanded in 2016 for the fifth year running, to -3.9% of GDP from -3.6% of GDP in 2015. The first reduction in public spending as a share of GDP in five years (from 23.4% to 23.0% of GDP) was not enough to compensate for the slump in public revenues (particularly those from non-renewable natural resources), whose downward trend worsened in 2016 with a decline to 19.1% of GDP from 19.8% in 2015.

The average fiscal deficit in the English- and Dutch-speaking Caribbean held steady at -2.5% of GDP for the second year running. Higher public spending (up from 29.9% to 30.5% of GDP) was accompanied by a similar increase in public revenues (up from 27.5% to 28.1% of GDP). The average primary result remained in surplus (0.7% of GDP), reflecting both the large share of total spending accounted for by interest payments and the commitment of governments in the subregion to reducing their high levels of public borrowing.

Public debt is still rising, but its growth has moderated healthily

Gross public debt across all countries of Latin America continued on its upward trend to average 37.9% of GDP in 2016, a rise of 1.3 percentage points of GDP on 2015. This trend was seen in 14 of the region’s 19 countries, with Brazil having the highest public debt at 70.3% of GDP, followed by Argentina at 54.0% of GDP, Honduras at 45.9% and Uruguay at 44.8%. At the other extreme, Chile’s public debt is the region’s lowest at 20.6% of GDP, followed by Paraguay at 20.9% and Peru at 21.7%.

It is important to include holdings of financial assets in the region, since for some countries they are substantial, so that net debt figures provide a clearer picture of each country’s net financial position. The countries holding the largest portfolios of financial assets in 2016 were Brazil, Chile and Uruguay, where they were worth about 24% of GDP. Thus, Brazil had net general government debt of 45.8% of GDP, equivalent to some 65% of its gross debt. Chile, meanwhile, had net central government debt of -3.3% of GDP, as it had more assets than gross liabilities in 2016, while Uruguay had net debt of 20.4% of GDP, or roughly half its gross debt. These countries were followed by Argentina, Colombia, Ecuador, Mexico and Peru with lower values (see figure VI.3).

Figure VI.3

Latin America and the Caribbean: gross and net central government debt, 2015-2016a

(Percentages of GDP)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Net debt is defined as gross debt minus financial assets. For 2016, the latest figure available is given.

b General government coverage.

c Non-financial public-sector coverage for net debt.

d Net debt equals consolidated debt.

Although the level of public debt in the region increased on average in 2016, its growth slowed to 1.3 percentage points of GDP from the 2.9 percentage points of GDP recorded in 2015. This was because the countries opted on the whole to borrow relatively moderately and keep the public accounts sustainable by trimming public spending to offset the decline in public revenues.

At the subregional level, gross public debt increased by 1.9 percentage points of GDP in South America, with Ecuador (4.9 percentage points of GDP), Brazil (3.8 points) and Paraguay (3.6 points) seeing the largest increases. The debt level in Central America was very similar to that in 2015, averaging about 37% of GDP, with increases in Costa Rica (2.0 percentage points of GDP) and Haiti (1.7 points), as well as the Dominican Republic (1.5 points).

Central government debt in the English- and Dutch-speaking Caribbean averaged 69.6% of GDP in 2016, a drop of 2 percentage points of GDP from 2015. Jamaica was the country with the highest level of public debt in 2016 (124% of GDP), followed by Barbados (103% of GDP) and Belize (78% of GDP). Although debt levels are still quite high in many countries of the region, the overall trend is downward, since there were declines in 10 of the 13 countries, most particularly Antigua and Barbuda, Guyana, Jamaica and Suriname.

The cost of debt held steady relative to 2015, averaging 2% of GDP in Latin America. The country with the highest interest payments was Brazil, where they were about 5% of GDP, although this was 2.2 percentage points of GDP less than in 2015, followed by Colombia, Costa Rica, the Dominican Republic and Honduras, where the cost was 3% of GDP. At the other extreme, Chile and Paraguay paid less than 1% of GDP in interest. The cost of public debt in the Caribbean was 3.2% of GDP because of high debt levels. Barbados and Jamaica were the countries where debt service represented the greatest cost to the fiscal accounts, at over 8% of GDP.

There were deeper cutbacks in public spending, and capital spending in particular

The figures available show certain general trends in public spending. Budget cuts continued in Latin America, with capital spending dropping by an average of 0.3 percentage points of GDP across a number of the region’s countries, the largest falls being in hydrocarbon-exporting countries (Colombia, Ecuador and Trinidad and Tobago) and in Argentina, Panama and Paraguay (see figure VI.4). Public investment rose sharply in some countries of Central America (Guatemala, Honduras and Nicaragua) and in the Caribbean. There was also an increase in Mexico, mainly because of capital transfers to Petróleos Mexicanos (PEMEX).

There have been no substantial increases in public debt service, with most countries’ interest payments remaining broadly unchanged. Only Argentina, Colombia and Honduras present increases of more than 0.5 percentage points of GDP. Interest payments in Brazil underwent a large correction in 2016, dropping by 2.2 percentage points of GDP, mainly because of the monetary adjustment resulting from falling inflation (3.8 percentage points down on the 2015 rate), which corrected short-term debt costs downward.

Current primary spending held steady in most of the Latin American countries, rising by a modest 0.2 percentage points of GDP or so in food-exporting countries (Argentina, Paraguay and Uruguay) and the Caribbean. In Brazil, the increase was 0.5 percentage points of GDP. In the Central American countries and Mexico, conversely, current primary spending dropped by 0.1 and 0.8 percentage points of GDP, respectively. In hydrocarbon-exporting countries (Colombia, Ecuador and Trinidad and Tobago), this decline was 0.7 percentage points of GDP.

Figure VI.4

Latin America and the Caribbean: disaggregated central government spending, by subregion and country grouping, 2015-2016a

(Percentages of GDP)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a The 2016 figures are official estimates for the close of the fiscal year taken from 2017 budgets.

b Federal public sector.

c Colombia, Ecuador and Trinidad and Tobago.

d Chile, Guyana, Peru and Suriname.

e Argentina, Paraguay and Uruguay.

f Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Jamaica, Panama, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines.

The decline in public revenues that has been ongoing in Latin America since 2013 was aggravated in 2016 by a drop in tax receipts

Public revenues as a share of GDP in Latin America continued a decline that had begun in 2013 (see figure VI.1). The trend intensified in 2016, however, with a drop of 0.2 percentage points of GDP to 17.6% of GDP on average for the 17 countries with information available (see figure VI.5). This was partly due to a fall in tax receipts (0.2 percentage points of GDP), something not seen since 2009. Nonetheless, the averages given here tend to mask a high degree of heterogeneity in the region’s results.

Public revenues, particularly tax receipts, dropped substantially in South America owing to both the negative effects of the cycle and falling prices for the commodities exported by the countries. In Brazil, public revenues fell by 0.4 percentage points of GDP overall, but the drop in tax receipts was greater (0.8 percentage points of GDP). In Argentina, likewise, a drop of 1.0 percentage point of GDP in the tax take was largely responsible for a decline of 1.2 percentage points of GDP in total revenues.

In Central America, the Dominican Republic, Haiti and Mexico, public revenues held steady or even grew. They were particularly strong in El Salvador (up 0.4 percentage points of GDP), where they were driven by income tax receipts, and Haiti (0.6 percentage points of GDP), where local tax receipts in Port-au-Prince rose strongly. Public revenues rose in Mexico (0.9 percentage points of GDP) despite a fresh decline in oil revenues, thanks to a rise in the income tax take and a one-off increase in the income of the Federal Electricity Commission (CFE) because of a change in its pension regime.

Figure VI.5

Latin America and the Caribbean: disaggregated central government revenues, by subregion and country grouping, 2015-2016a

(Percentages of GDP)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a The 2016 figures are official estimates for the close of the fiscal year taken from 2017 budgets.

b Federal public sector.

c Colombia, Ecuador and Trinidad and Tobago.

d Chile, Guyana, Peru and Suriname.

e Argentina, Paraguay and Uruguay.

f Antigua and Barbuda, Bahamas, Barbados, Belize, Dominica, Grenada, Jamaica, Panama, Saint Kitts and Nevis, Saint Lucia and Saint Vincent and the Grenadines.

Notwithstanding a drop in tax receipts of 0.3 percentage points of GDP, public revenues in the English- and Dutch-speaking Caribbean rose by 0.6 percentage points of GDP to 28.1% of GDP because of growth in other income, mainly subsidies for investment projects.

Further price declines for hydrocarbons and for minerals and metals negatively affected public-sector receipts in countries exporting these. Public revenues dropped by an average of 2.7 percentage points of GDP in hydrocarbon-exporting countries, mainly because of a drop of the same size in tax receipts. Oil revenues in Trinidad and Tobago, consisting mainly of income tax payments, fell greatly in 2016 as the sector lost profitability in the country, although the base of comparison was high because the State firm Petrotrin paid off tax arrears in 2015. Central government oil revenues in Colombia, consisting mainly of income tax payments and dividend payments by Ecopetrol, were close to zero because of the loss posted by Ecopetrol in 2015.

Public revenues in mineral- and metal-exporting countries also fell, by 0.2 percentage points of GDP. Public revenues in Chile dropped by 0.3 percentage points of GDP, mainly because of lower tax receipts. It is important to emphasize that this outcome in Chile reflects both the large fall in the tax take from the private mining sector and a high basis of comparison in 2015, when revenues were boosted by a tax amnesty. The fall in total revenues in Peru (0.9 percentage points of GDP) is explained by a reduction in tax receipts (a lower VAT take and a rise in rebates) and non-tax revenues (particularly mining and hydrocarbon royalties). Tax receipts also dropped substantially in Guyana and Suriname (by 0.9 and 0.8 percentage points of GDP, respectively), again dragging total revenues down.

The tax take as a share of GDP dropped in almost half the region’s countries with information available (13 of 27) in 2016. As figure VI.6 illustrates, the tax burden dropped in Latin America at the central government level (for the first time since 2009) from 15.1% to 14.9% of GDP. This was due to the trend in South America, since tax receipts continued to move upward in the north of the region (Central America, the Dominican Republic, Haiti and Mexico). Tax receipts fell on average in the Caribbean after rising for two years, from 22.1% to 21.8% of GDP. Although this decline centred on just a few countries, tax receipts in the other countries of the subregion were not as dynamic as in the previous period.

Figure VI.6

Latin America and the Caribbean: central government tax burdens, 2007-2016a

(Percentages of GDP)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a The 2016 figures are official estimates for the close of the fiscal year taken from 2017 budgets.

B. Monetary and exchange-rate policies

During 2016, as already discussed in the 2016 Economic Survey, the actions of those directing monetary and exchange-rate policies in the region were guided by different factors, chief among them the dynamics of inflation, uncertainty and thence volatility in international financial markets and weak growth (and even contraction in some cases) in aggregate demand.

Broadly speaking, the authorities of the region’s countries paid a great deal of attention to the aggregate demand slowdown and the repercussions of variables such as consumption and investment. Accordingly, the aim of policy was to stimulate domestic aggregate demand as far as possible.

The region’s average inflation rate increased during 2016, reducing the scope for monetary policymakers to take steps to stimulate aggregate demand. Similarly, the volatility of financial markets and the repercussions for exchange rates in the region likewise limited the potential for interest rates to be used to stimulate domestic spending, as it was feared that this would dampen demand for local assets. Meanwhile, less buoyant economic activity and expectations of low future growth, especially in the economies of South America, also affected central banks’ ability to stimulate aggregate domestic demand, partly by dampening growth in the demand for credit and partly by increasing the perceived riskiness of lending and thus constraining the supply of credit.

Structural differences between economies and the effects of the factors mentioned above led to divergent uses being made of the different monetary policy instruments available to policymakers in the region

In economies that use interest rates as the main instrument of monetary policy, there were differences in the frequency and direction of changes to monetary policy benchmark rates during the first 10 months of 2016. In some countries, persistently rising inflation led central banks to increase interest rates, while in others inflation fell and interest rates were used to stimulate flagging activity in the domestic economy.

Interest rates moved most often in Colombia, Mexico and Paraguay, but in different directions and for different reasons (see figure VI.7). In Colombia, rising inflation meant that in 2016 the benchmark interest rate increased eight times by a total of 225 basis points from its level at the close of 2015. In Mexico, the benchmark rate was raised four times, with a cumulative rise of 200 basis points, the trigger in this case being uncertainty about monetary policy in the United States and, more recently, that country’s presidential elections. In Paraguay, the benchmark rate was cut twice following an increase in February 2016, giving a cumulative decline of 25 basis points from the end-2015 level and 50 basis points from its value in February 2016. In Peru, the benchmark rate was increased in the first quarter of 2016 and then left unchanged, while in Brazil it was cut by 25 basis points in October 2016, the first change since July 2015. In both economies, these movements were a response to inflation rising above its target band and to political and electoral events. In Chile, Costa Rica, the Dominican Republic and Guatemala, lesser inflationary pressures meant that benchmark rates were left unchanged in the first 10 months of 2016.

Something else worth highlighting is that benchmark monetary policy rates in economies such as Brazil, Colombia, Mexico and Peru are at their highest for five years, whereas in Chile, Costa Rica, the Dominican Republic, Guatemala and Paraguay they are currently close to their lowest levels since 2011.

In Latin American economies that use monetary aggregates as their main monetary policy instrument, the rate at which central banks injected money into the economy slowed in the first three quarters of 2016. This meant that the nominal growth of the monetary base slackened in the South American economies (excluding the Bolivarian Republic of Venezuela), in the group formed of Central America (including only non-dollarized economies) and the Dominican Republic and in the region’s dollarized economies (see figure VI.8). In the economies of the English- and Dutch-speaking Caribbean, the growth of aggregates such as the monetary base quickened slightly relative to 2015.

In the case of the Bolivarian Republic of Venezuela, the monetary aggregates grew at rates of over 80% for the third year running. Indeed, annualized growth in the monetary base was over 100% in the first three quarters of 2016, reaching 130% in the third quarter.

Figure VI.7

Latin America (selected countries): monetary policy rates in countries where they are used as the main policy instrument, January 2013 to October 2016

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

Figure VI.8

Latin America and the Caribbean (selected country groupings): annualized rates of change in the monetary base in countries using monetary aggregates as the main policy instrument, first quarter of 2010 to third quarter of 2016

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

Lending interest rates held steady, trending slightly downward, while growth in credit to the private sector slowed

The policies described above yielded fairly stable market interest rates, although there was a slight downward trend in most of the region’s economies. The exceptions were the economies of South America that employ the monetary policy rate as their main policy instrument, as market rates there increased slightly during 2016 (see figure VI.9).

Figure VI.9

Latin America and the Caribbean (selected country groupings): average annualized lending interest rates, January 2010 to September 2016

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

One salient fact is that both lending interest rates and monetary policy benchmark rates in Brazil and Colombia have recently reached levels that are among the highest recorded since 2011, while in most of the other economies lending interest rates have recently been below the average for the period between January 2011 and September 2016.[2]

Where domestic lending to the private sector is concerned, nominal growth has tended to slacken. In South America, real-term lending growth has slowed both in economies that use benchmark rates as the main monetary policy instrument and in those using monetary aggregates. By contrast, real-term lending has edged up in real terms in the group comprising Central America (including only non-dollarized economies), the Dominican Republic and Mexico, as it has in the dollarized economies. Real-term credit to the private sector dropped sharply in the Bolivarian Republic of Venezuela during the first three quarters of 2016, reflecting the harsh contraction experienced by this economy and three-digit inflation rates (see figure VI.10).

Figure VI.10

Latin America and the Caribbean (selected country groupings): average annualized rates of growth in domestic lending to the private sector, real terms, first quarter of 2013 to third quarter of 2016

(Percentages)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

Other striking developments in the first nine months of 2016 were the considerable drop in commercial lending in the South American economies that use aggregates as the main monetary policy instrument and in lending to industrial sectors in the South American economies that use benchmark rates as the main instrument.

The lending dynamic could be reflecting the influence of slowing aggregate demand growth in the region. For one thing, lower economic growth has caused the supply of credit to increase more slowly, since adverse growth expectations can make lending risker. For another, lower income growth combined with expectations of a slow recovery, less dynamic consumption and slow growth in private investment have been bearing down on the demand for credit from the private sector, even though lending interest rates have been trending slightly downward.

The region’s currencies tended to weaken against the dollar in a context of very volatile international financial markets

A number of factors affected the exchange rates of the region’s currencies in 2016, and the trend was broadly towards nominal depreciation, albeit with great volatility over the year. Since 2015, factors such as falling prices for the commodities the region exports (particularly energy products and metals), the strengthening of the dollar against currencies elsewhere in the world at a time of rising expectations of an increase in the United States benchmark interest rate (which did finally go up in December 2015) and slowing growth in a number of South American countries, together with specific events in countries such as Argentina and Brazil, have driven down demand for assets denominated in the currencies of a number of the region’s countries.

The international context remained uncertain in the first 10 months of 2016, and factors such as the outcome of the referendum in the United Kingdom on the country’s exit from the European Union (so-called “Brexit”), uncertainty about new monetary policy adjustments in the developed economies, reports of increasing fragility in global financial institutions and, more recently, the presidential elections in the United States all affected the dynamics of Latin American and Caribbean exchange rates. Furthermore, expectations for the price levels of commodities such as oil, copper and other metals progressively stabilized in this period. The exchange rates of the region’s currencies also reflected the effects of rising monetary policy benchmark rates in response to higher inflation (in Brazil and Colombia), at a time of slowing growth.

The conjunction of these external and domestic factors meant that, comparing values for November 2016 with those for December 2015, the currencies of 13 countries in the region depreciated against the dollar in nominal terms, 5 of them by more than 15% (Argentina, the Bolivarian Republic of Venezuela, Haiti, Mexico and Suriname) (see table VI.1).

Table VI.1

Latin America and the Caribbean (21 countries): annualized changes in nominal dollar exchange rates, 2014 to November 2016

(Percentages)

Country

2014

2015

December 2015 to March 2016

March 2016 to June 2016

June 2016 to September 2016

September 2016 to

18 November 2016

December 2015 to 18 November 2016

Latin America

Argentina

29.8

52.8

13.7

2.3

1.7

1.1

19.7

Bolivia (Plurinational State of)

0.0

-0.1

-1.2

1.3

0.0

0.4

0.5

Brazil

12.5

49.0

-9.3

-10.6

1.5

3.9

-14.4

Chile

15.4

16.8

-5.8

-0.7

-0.9

3.2

-4.2

Colombia

23.2

33.6

-5.4

-2.7

-1.3

10.2

0.0

Costa Rica

7.6

-0.4

0.2

1.9

0.9

0.2

3.2

Dominican Republic

4.0

2.5

0.7

0.2

0.3

0.7

1.9

Guatemala

-3.1

0.5

1.0

-0.9

-1.5

-0.3

-1.8

Haiti

8.1

20.0

10.1

1.5

4.0

1.4

17.8

Honduras

3.8

6.4

1.2

0.7

1.1

0.5

3.5

Mexico

13.2

16.6

0.4

5.8

6.0

5.4

18.7

Nicaragua

5.0

5.0

1.0

1.6

0.4

0.8

3.8

Paraguay

0.8

24.7

-2.7

-0.7

-0.6

4.4

0.3

Peru

6.5

14.6

-3.0

-0.7

2.9

0.6

-0.3

Uruguay

13.1

23.0

6.0

-3.5

-7.0

2.4

-2.6

Venezuela (Bolivarian Republic of)a

0.0

58.7

36.5

130.2

4.9

0.2

229.9

The Caribbean

Belize

1.0

-0.8

0.0

0.0

0.0

0.0

0.0

Guyana

-0.1

0.2

0.0

0.0

0.0

0.0

0.0

Jamaica

7.9

4.9

1.3

4.1

0.8

1.4

7.8

Suriname

3.8

16.8

27.7

38.5

8.9

-5.6

81.9

Trinidad and Tobago

-0.6

0.8

2.8

0.7

1.0

0.5

5.0

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of information from Bloomberg.

a The Bolivarian Republic of Venezuela has multiple exchange rates. The figure is for changes in the “complementary currency” (DICOM) exchange rate for non-priority exports.

Figure VI.11 presents the evolution of nominal dollar exchange-rate indices for Argentina, Haiti and Mexico from January 2014 to November 2016.[3] In Argentina, following unification of the currency market in December 2015, the peso generally showed a slight tendency towards depreciation and some volatility, especially in the first half of 2016, as a number of policy measures were implemented to correct the fiscal dominance problem bequeathed by the outgoing government. In Haiti, the gourde continued to be affected by the country’s large current account deficit and uncertainty about external financing flows of different kinds (including Petrocaribe), as well as by specific problems such as hurricane Matthew. In the case of Mexico, a particular factor was the exchange-rate volatility associated with the United States election period during 2016. In Suriname, a major terms-of-trade shock and monetary financing of the fiscal deficit led to a drop in demand for domestic assets, high inflation and, in consequence, a large currency depreciation. In the Bolivarian Republic of Venezuela, lastly, the different bolívar exchange rates depreciated in the context of one of the world’s highest inflation rates, a general scarcity of goods, rapid growth in monetary aggregates and a large decline in GDP.

Figure VI.11

Argentina, Haiti and Mexico: nominal dollar exchange-rate indices, January 2014 to November 2016

(Base January 2008=100)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

Another important factor is what could be characterized as the volatility of currencies over the year, with analysis of currency developments in the region bringing to light different patterns as 2016 progressed. Table VI.1 and figure VI.12 show movements in the exchange rates of some of the region’s currencies over 2016. The table shows quarterly dynamics, while the chart presents a more detailed picture of the five economies that best exemplify this volatility. In both it can be seen that the currencies of several economies in the region appreciated in the first three quarters of 2016, only for this movement to be wholly or partly reversed in September and November. Indeed, the chart shows that the trend moved towards depreciation following the results of the United States elections.

Figure VI.12

Brazil, Chile, Colombia, Paraguay and Uruguay: nominal dollar exchange-rate indices, January 2014 to November 2016

(Base January 2008=100)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

The region’s real effective exchange rate depreciated during 2016

The real effective extraregional exchange rate of 18 countries of Latin America and the Caribbean depreciated by an average of 1.9% in the first 10 months of 2016 relative to the same period in 2015. The economies of South America experienced an effective depreciation against the rest of the world of 1.5%, while there was a 2.2% aggregate depreciation in the other subregions (Central America, the Dominican Republic, Mexico and the Caribbean), heavily influenced by an effective depreciation of 14.7% in Mexico. When October 2016 is compared to October 2015, however, South America is found to have experienced an effective appreciation of 6.8%, owing to nominal appreciation in countries such as Brazil, Colombia and Uruguay, among others, as already described (see figure VI.13).

Figure VI.13

Latin America and the Caribbean (18 countries): effective extraregional exchange-rate indices by subregion, January 2014 to October 2016

(Base 2005=100)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

The evolution of the total effective exchange rate[4] of the region’s countries reflects in particular the above-mentioned changes in the nominal exchange rates of each country and of all trading partners plus the evolution of inflation in each country, as described in the relevant section of this report. Particular mention should be made of countries with less flexible exchange rates, where there was real effective appreciation during the period. This was the case with the Plurinational State of Bolivia (where there was a 5.7% appreciation in the first 10 months of the year), whose exchange rate has been acting as an inflation anchor, Ecuador (2.2%), Panama (1.1%) and El Salvador (0.3%). The exception was Trinidad and Tobago, where there was a total effective depreciation of 0.6%. Mention should also be made of Guatemala: it had higher inflation than the United States, its nominal exchange rate appreciated slightly and the currencies of its largest trading partners depreciated, the result being a real effective appreciation of 5.5% for the country during the period.

International reserves rose by an average of 2.1%

International reserves increased slightly (by 2.1%) in the first 11 months of 2016 relative to the end of 2015. However, they remained below their 2014 level (see figure VI.14). Reserves increased in 22 of the region’s economies, with the largest rises occurring in Ecuador (61.6%), Argentina (46.9%), Saint Kitts and Nevis (22.3%), Dominica (25.0%) and El Salvador (25.0%). Meanwhile, reserves contracted in 10 countries, most notably the Bolivarian Republic of Venezuela (28.2%), the Plurinational State of Bolivia (20.3%), Belize (-14.7%) and Uruguay (11.7%). Among the economies with the highest levels of international reserves, particular mention should be made of increases in Brazil and Chile, amounting to 2.6% and 2.1%, respectively.

Figure VI.14

Latin America and the Caribbean: international reserves, 2000-2016a

(Billions of dollars and percentages of GDP)

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a The 2015 figures are ECLAC estimates. The 2016 figures are for October and contain preliminary data.

The conjunction of a larger build-up of nominal reserves and low economic growth has pushed up the ratio of international reserves to GDP in the region as a whole, so that this indicator rose for the fourth year running, to 17.7% of GDP.

[1] Includes Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama.

[2] The exceptions are Argentina, the Bolivarian Republic of Venezuela, the Dominican Republic, Ecuador, El Salvador, Trinidad and Tobago and Uruguay.

[3] Data for the Bolivarian Republic of Venezuela are not included because the country has multiple exchange rates applying in different segments of the economy, which gives rise to problems of comparison.

[4] Unlike the effective extraregional exchange rate, which excludes trade with the Latin American and Caribbean countries from the weighting, the total effective exchange rate takes account of trade with all the trading partners of each country.

Risks and outlook for 2017

Global risks and uncertainties in 2107 will have diverse effects on the region’s economic performance. Sluggish growth of the global economy, which has now been a reality for over a decade, with average growth of 2.5% in the period 2013-2016, will continue: the average projected for 2017-2018 is 2.8%. This slack performance has been accompanied by slowing productivity —which shows a growth rate of around 1%— and declining rates of growth in global investment and trade. These factors, together with depressed aggregate demand, are holding down the growth potential of the world economy —across developed countries and emerging economies alike— for the next few years.

Although trade is projected to pick up somewhat in 2017 —by between 1.8% and 3.1%, better than the 1.7% in 2016— the effects of this improvement may be overshadowed by the mounting protectionism seen since the United Kingdom voted to leave the European Union (Brexit). One positive feature is that commodity prices are projected to rise by 8% on average in 2017. The strongest recovery is expected in energy products, whose prices should gain around 19%, while other products will see a price rise of some 2%.

In financial markets, the windows of opportunity opened by the low interest rates that have prevailed over the past few years may begin to close, owing to expected rises in interest rates (the United States Federal Reserve will likely raise its rate by between 0.5% and 0.75%), which would push up borrowing costs and shift global portfolios. A normalization of interest rates, though desirable, could increase uncertainly and financial volatility, given the dynamics of financial asset prices. Although the likelihood remains that interest rate rises will be gradual, this could still affect financial flows to emerging markets, including those of Latin America and the Caribbean. Concerns also persist over the financial stability of economies in which credit, especially in the form of international bond issues, has grown strongly, since these could be hurt by higher interest rates on dollar liabilities.

This is in addition to concerns over the position of a number of financial institutions in developed countries —chiefly in the eurozone— which have not been able to restore their balance sheets to health since the global financial crisis and have, moreover, seen their profits eroded by years of low growth and low interest rates. The results of stress tests carried out in mid-2016 by the European Banking Authority (EBA) have not fully dispelled doubts about the real situation of banks in some eurozone countries.

Recent protectionist trends, amid complex financial and economic growth dynamics, have raised new uncertainties and risks regarding the future of the global economy. These trends reflect the mounting tensions and difficulties in reconciling and coordinating national policy emphases and aims with the institutional arrangements governing international movements of goods and services, finance and capital, technology and migration in a globalized world.

In this context, global trade —following the questioning of free trade agreements such as the Trans-Pacific Partnership (TPP) and the North American Free Trade Agreement (NAFTA)— is not the only area of tension. The value chain dynamics of global manufacturing, as well as technology mobility, will also be affected. Multilateralism could well be weakened by a stronger tendency towards bilateral agreements on trade and investment.

As in preceding years, global economic conditions will have different effects on the various countries and subregions of Latin America and the Caribbean, and will sharpen subregional differences by the production and trade orientation of their economies. Although the protectionist tendencies emerging in the United States will have global and regional effects, the possible renegotiation of NAFTA and other trade agreements, as well as uncertainty over the dynamics of monetary transfers from migrants, will have significant effects in particular on Mexico and Central America, which export most of their manufactures and services to the United States (81% in the case of Mexico, 41% for Costa Rica, 47% for El Salvador, 36% for Guatemala, 44% for Honduras, and 54% for Nicaragua). For the region, therefore, any trade restrictions introduced in the United States will at least partly offset the positive effects of growth in trade with that country.

For the region overall, extraregional demand should pick up in 2017, although this could be dampened to some extent by trade decisions by the United States. Intraregional trade should also regain some ground in 2017, thanks to a stronger performance by the economies of the South America, especially Argentina and Brazil. The performance of the economies in the south of the region should benefit from the projected upturn in their terms of trade, although uncertainty remains over the economic future of the eurozone and China.

The subpar performance of domestic demand across the region in 2016 was attributable mainly to a heavy drop in investment and consumption by both public and private sectors, although with sharp differences between subregions. While in South America private consumption and investment dropped by 2.3% and 9.9%, respectively, in Central America private consumption expanded by 3.0% and investment by 1.9%. Some of these trends should improve in 2017, with stronger private consumption and investment.

As noted earlier, growth in the region reflects uncertainty and shocks coming from the international economy, on the one hand, and a heavy fall in domestic consumption and investment, on the other. Regaining a growth path will require reversing these trends, with an emphasis on investment, which in turn will require strong mobilization of financial resources. The growing difficulties faced by the countries of the region in financing countercyclical fiscal policy, added to their status as middle-income countries —which hinders their access to external concessional financing and to international cooperation funding—, mean that mobilizing domestic and external resources to finance investment must be a policy priority for the countries in the near term.

To regain fiscal space, it is essential to reduce tax evasion and avoidance and to gradually reform the public finances to safeguard the solvency of the public sector, protect investment, lock in social progress and broaden tax resources. ECLAC estimates that tax evasion and avoidance cost the region the equivalent of 2.4 percentage points of GDP in the case of VAT and 4.3 percentage points in the case of income tax. This represented a total of US$ 340 billion in 2015, or 6.7% of regional GDP. ECLAC also estimates that tax losses associated with illicit financial flows from the region have amounted to around US$ 31 billion over the past few years, or between 10% and 15% of actual personal income tax collection.

Budget adjustments involving cuts in public investment could deepen the recessionary conditions, because this investment, like private investment, plays a key role in short- and long-run growth. Estimates show that fiscal multipliers are high and significant in the region, and that the public investment multiplier is higher than 2 after two years.

Unlike in 2016 when the region contracted by 1.1%, and despite complex external conditions and a number of risks, in 2017 the region’s economy is expected to switch direction and return positive growth of 1.3% (see table VII.1), thanks mainly to the expected upturn in the terms of trade and in international trade volumes. As in 2016, however, the weighted average growth figure masks different growth dynamics between countries and subregions. Central America, including the Spanish-speaking Caribbean and Haiti, is expected grow by around 3.7% in 2017; including Mexico, with a projected growth rate of 1.9%, brings the average down to 2.3%. Positive growth is projected in 2017 for South America, at 0.9%, and for the English-speaking Caribbean, at 1.3%.

Table VII.1

Latin America and the Caribbean: annual growth in gross domestic product, 2011-2017

(Percentages, on the basis of dollars at constant 2010 prices)

Country

2011

2012

2013

2014

2015

2016a

2017b

Argentina

6.0

-1.0

2.4

-2.5

2.5

-2.0

2.3

Bolivia (Plurinational State of)

5.2

5.1

6.8

5.5

4.8

4.0

3.8

Brazil

3.9

1.9

3.0

0.1

-3.9

-3.6

0.4

Chile

5.8

5.5

4.0

1.9

2.3

1.6

2.0

Colombia

6.6

4.0

4.9

4.4

3.1

2.0

2.7

Costa Rica

4.5

5.2

2.0

3.0

3.7

4.1

3.9

Cuba

2.8

3.0

2.7

1.0

4.3

0.4

0.9

Dominican Republic

3.1

2.8

4.7

7.6

7.0

6.4

6.2

Ecuador

7.9

5.6

4.9

4.0

0.2

-2.0

0.3

El Salvador

2.2

1.9

1.8

1.4

2.5

2.2

2.2

Guatemala

4.2

3.0

3.7

4.2

4.1

3.3

3.3

Haiti

5.5

2.9

4.2

2.8

1.7

2.0

1.0

Honduras

3.8

4.1

2.8

3.1

3.6

3.5

3.4

Mexico

4.0

4.0

1.4

2.2

2.5

2.0

1.9

Nicaragua

6.2

5.6

4.5

4.6

4.9

4.8

4.7

Panama

11.8

9.2

6.6

6.1

5.8

5.2

5.9

Paraguay

4.3

-1.2

14.0

4.7

3.0

4.0

3.8

Peru

6.3

6.1

5.9

2.4

3.3

3.9

4.0

Uruguay

5.2

3.5

4.6

3.2

1.0

0.6

1.0

Venezuela (Bolivarian Republic of)

4.2

5.6

1.3

-3.9

-5.7

-9.7

-4.7

Subtotal de América Latina

4.5

2.9

2.9

0.9

-0.5

-1.1

1.3

Antigua and Barbuda

-1.8

3.8

-0.2

4.6

4.1

4.2

2.9

Bahamas

0.6

3.1

0.0

-0.5

-1.7

0.0

1.0

Barbados

0.8

0.3

-0.1

0.2

0.5

1.4

1.9

Belize

2.1

3.7

1.3

4.1

1.2

-2.4

3.7

Dominica

-0.2

-1.1

0.8

4.2

-1.8

1.0

3.2

Grenada

0.8

-1.2

2.4

7.3

6.2

2.9

2.6

Guyana

5.4

4.8

5.2

3.8

3.0

2.6

3.8

Jamaica

1.7

-0.6

0.5

0.7

1.0

1.1

1.2

Saint Kitts and Nevis

2.4

-0.6

6.2

6.0

3.8

3.7

5.3

Saint Lucia

0.2

-1.4

0.1

0.4

1.9

2.8

2.3

Saint Vincent and the Grenadines

-0.4

1.4

1.8

1.2

1.6

2.1

2.2

Suriname

5.3

3.1

2.9

1.8

-2.0

-10.4

0.8

Trinidad and Tobago

-0.3

1.3

2.3

-1.0

0.2

-4.5

0.5

Subtotal for the Caribbean

1.0

1.3

1.5

0.4

0.4

-1.7

1.3

Latin America and the Caribbean

4.5

2.8

2.9

0.9

-0.5

-1.1

1.3

Central America (9 countries)c

4.4

4.0

3.7

3.9

4.7

3.6

3.7

South America (10 countries)d

4.7

2.5

3.3

0.3

-1.8

-2.4

0.9

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Estimates.

b Projections.

c Includes Costa Rica, Cuba, Dominican Republic, El Salvador, Guatemala, Haiti, Honduras, Nicaragua and Panama.

d Includes Argentina, Bolivarian Republic of Venezuela, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Plurinational State of Bolivia and Uruguay.

Statistical annex

Table A1.1

Latin America and the Caribbean: main economic indicators

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016a

Annual growth rates

Gross domestic productb

5.8

4.1

-1.7

6.2

4.5

2.8

2.9

0.9

-0.5

-1.1

Per capita gross domestic productb

4.5

2.7

-2.9

4.9

3.3

1.7

1.7

-0.2

-1.6

-2.2

Consumer pricesc

5.6

7.0

3.5

5.4

5.8

4.9

5.0

6.3

7.9

8.4

Percentages

Urban open unemployment

8.6

8.0

9.2

8.6

7.8

7.4

7.2

7.0

7.4

9.0

Total gross external debt/GDPd e

31.9

29.0

29.9

27.6

26.5

28.4

30.2

32.6

34.9

36.4

Total gross external debt/exports

of goods and services

82.5

75.8

99.4

96.4

89.2

96.9

102.6

113.2

133.5

150.4

Millions of dollars

Balance of paymentse

Current account balance

-8 599

-27 581

-34 487

-107 366

-122 850

-132 729

-158 445

-188 849

-179 185

-105 314

Exports of goods f.o.b.

766 565

881 042

714 303

898 126

1 099 819

1 116 240

1 099 371

1 083 333

924 085

864 955

Imports of goods f.o.b.

735 930

849 178

676 877

864 779

1 045 732

1 079 149

1 099 969

1 105 630

984 700

879 484

Services trade balance

-17 907

-33 258

-37 009

-51 729

-67 387

-73 821

-73 372

-75 298

-52 864

-38 185

Income balance

-101 006

-113 856

-107 864

-148 300

-172 339

-158 148

-146 933

-157 068

-133 735

-124 741

Net current transfers

66 009

67 211

59 364

59 315

62 789

62 149

62 457

65 854

68 029

71 722

Capital and financial balancef

144 090

63 600

85 833

187 526

210 919

185 728

168 060

219 328

150 938

125 098

Net foreign direct investment

96 000

103 021

72 157

110 405

153 484

148 447

142 086

142 354

134 795

499

Other capital movements

48 090

-39 421

13 676

77 121

57 436

37 281

25 974

76 973

16 143

124 599

Overall balance

134 933

38 879

51 712

83 160

91 758

58 688

16 477

37 907

-26 345

6 981

Variation in reserve assetsg

-135 600

-42 872

-57 543

-80 270

-97 146

-59 217

-19 195

-40 175

23 780

-21 559

Other financing

667

3 993

5 831

-3 032

5 048

407

2 206

2 272

2 534

0

Net transfer of resources

43 751

-46 263

-16 201

36 195

43 628

27 986

23 333

64 531

19 737

392

International reserves

459 581

512 727

567 444

655 305

773 632

835 735

830 018

857 438

811 762

829 202

Percentages of GDP

Fiscal sectorh

Overall balance

0.1

-0.4

-2.7

-1.9

-1.4

-1.9

-2.6

-2.8

-3.0

-3.0

Primary balance

2.1

1.3

-0.9

-0.3

0.3

-0.2

-0.9

-1.0

-0.9

-0.8

Total revenue

17.8

18.1

17.0

17.6

17.8

18.0

17.9

17.8

17.8

17.6

Tax revenue

14.2

14.2

13.6

13.9

14.4

14.7

14.8

14.8

15.1

14.9

Total expenditure

17.6

18.5

19.7

19.5

19.2

20.0

20.5

20.6

20.7

20.5

Capital expenditure

3.1

3.7

3.8

4.0

3.8

4.2

4.3

4.0

3.8

3.5

Central-government public debt

30.3

28.8

30.9

29.8

29.0

30.5

32.3

33.6

36.5

37.9

Public debt of the non-financial public-sector

32.3

30.9

33.2

32.4

31.3

32.7

34.6

36.2

39.4

40.7

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Preliminary figures.

b Based on official figures expressed in 2010 dollars.

c December-December variation. Weighted average, does not include the Bolivarian Republic of Venezuela.

d Estimates based on figures denominated in dollars at current prices.

e Does not include the Caribbean, Cuba and the Bolivarian Republic of Venezuela.

f Includes errors and omissions.

g A minus sign (-) indicates an increase in reserve assets.

h Coverage corresponds to the central government. Simple averages for 19 countries.

Table A1.2

Latin America and the Caribbean: gross domestic product in millions of dollars

(Current prices)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016a

Latin America and the Caribbeanb

5.8

4.1

-1.7

6.2

4.5

2.8

2.9

0.9

-0.5

-1.1

Latin America

5.8

4.1

-1.6

6.3

4.5

2.9

2.9

0.9

-0.5

-1.1

Argentina

9.0

4.1

-5.9

10.1

6.0

-1.0

2.4

-2.5

2.5

-2.0

Bolivia (Plurinational State of)

4.6

6.1

3.4

4.1

5.2

5.1

6.8

5.5

4.8

4.0

Brazil

6.1

5.1

-0.1

7.5

3.9

1.9

3.0

0.1

-3.9

-3.6

Chile

4.6

3.7

-1.0

5.8

5.8

5.5

4.0

1.9

2.3

1.6

Colombia

6.9

3.5

1.7

4.0

6.6

4.0

4.9

4.4

3.1

2.0

Costa Rica

7.9

2.7

-1.0

5.0

4.5

5.2

2.0

3.0

3.7

4.1

Cuba

7.3

4.1

1.5

2.4

2.8

3.0

2.7

1.0

4.3

0.4

Dominican Republic

8.5

3.2

0.9

8.3

3.1

2.8

4.7

7.6

7.0

6.4

Ecuador

2.2

6.4

0.6

3.5

7.9

5.6

4.9

4.0

0.2

-2.0

El Salvador

3.8

1.3

-3.1

1.4

2.2

1.9

1.8

1.4

2.5

2.2

Guatemala

6.3

3.3

0.5

2.9

4.2

3.0

3.7

4.2

4.1

3.3

Haiti

3.3

0.8

3.1

-5.5

5.5

2.9

4.2

2.8

1.7

2.0

Honduras

6.2

4.2

-2.4

3.7

3.8

4.1

2.8

3.1

3.6

3.5

Mexico

3.1

1.4

-4.7

5.1

4.0

4.0

1.4

2.2

2.5

2.0

Nicaragua

5.3

2.9

-2.8

3.2

6.2

5.6

4.5

4.6

4.9

4.8

Panama

12.1

8.6

1.6

5.8

11.8

9.2

6.6

6.1

5.8

5.2

Paraguay

5.4

6.4

-4.0

13.1

4.3

-1.2

14.0

4.7

3.0

4.0

Peru

8.5

9.1

1.1

8.3

6.3

6.1

5.9

2.4

3.3

3.9

Uruguay

6.5

7.2

4.2

7.8

5.2

3.5

4.6

3.2

1.0

0.6

Venezuela (Bolivarian Republic of)

8.8

5.3

-3.2

-1.5

4.2

5.6

1.3

-3.9

-5.7

-9.7

The Caribbean

6.5

1.4

-3.6

1.3

0.9

1.1

1.4

0.3

0.2

-1.7

Antigua and Barbuda

9.3

0.0

-12.0

-7.0

-1.8

3.8

-0.2

4.6

4.1

4.2

Bahamas

1.4

-2.3

-4.2

1.5

0.6

3.1

0.0

-0.5

-1.7

0.0

Barbados

1.7

0.3

-1.5

0.3

0.8

0.3

-0.1

0.2

0.5

1.4

Belize

1.1

3.2

0.8

3.3

2.1

3.7

1.3

4.1

1.2

-2.4

Dominica

6.4

7.1

-1.2

0.7

-0.2

-1.1

0.8

4.2

-1.8

1.0

Grenada

6.1

0.9

-6.6

-0.5

0.8

-1.2

2.4

7.3

6.2

2.9

Guyana

7.0

2.0

3.3

4.4

5.4

4.8

5.2

3.8

3.0

2.6

Jamaica

17.1

-0.7

-4.4

-1.5

1.7

-0.6

0.5

0.7

1.0

1.1

Saint Kitts and Nevis

-0.2

6.3

-3.0

-2.2

2.4

-0.6

6.2

6.0

3.8

3.7

Saint Lucia

1.0

4.2

-0.4

-1.7

0.2

-1.4

0.1

0.4

1.9

2.8

Saint Vincent and the Grenadines

2.4

2.5

-2.1

-3.4

-0.4

1.4

1.8

1.2

1.6

2.1

Suriname

5.1

4.1

3.0

5.2

5.3

3.1

2.9

1.8

-2.0

-10.4

Trinidad and Tobago

4.5

3.4

-4.4

3.3

-0.3

1.3

2.3

-1.0

0.2

-4.5

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Preliminary figures.

b Based on official figures expressed in dollars at constant 2010 prices.

Table A1.3

Latin America and the Caribbean: per capita gross domestic product

(Annual growth rates)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016a

Latin America and the Caribbeanb

4.5

2.7

-2.9

4.9

3.3

1.7

1.7

-0.2

-1.6

-2.2

Latin America

4.4

2.8

-2.9

4.9

3.3

1.7

1.7

-0.2

-1.6

-2.2

Argentina

7.9

3.0

-6.9

9.0

4.9

-2.1

1.3

-3.5

1.5

-2.9

Bolivia (Plurinational State of)

2.8

4.3

1.6

2.4

3.5

3.4

5.1

3.8

3.2

2.4

Brazil

4.8

3.9

-1.2

6.4

2.9

0.9

2.1

-0.8

-4.7

-4.4

Chile

3.4

2.5

-2.1

4.6

4.7

4.3

2.9

0.8

1.2

0.6

Colombia

5.6

2.3

0.5

2.8

5.5

3.0

3.8

3.4

2.2

1.1

Costa Rica

6.5

1.3

-2.3

3.6

3.2

3.9

0.9

1.9

2.7

3.0

Cuba

7.2

4.1

1.4

2.3

2.7

2.8

2.6

0.9

4.2

0.4

Dominican Republic

7.0

1.8

-0.4

6.9

1.8

1.5

3.5

6.3

5.8

5.2

Ecuador

0.5

4.6

-1.1

1.8

6.2

4.0

3.3

2.4

-1.3

-3.4

El Salvador

3.4

0.9

-3.5

1.0

1.8

1.5

1.4

1.0

2.0

1.8

Guatemala

3.9

1.0

-1.6

0.7

2.0

0.8

1.6

2.1

2.1

1.3

Haiti

1.7

-0.7

1.5

-6.9

4.0

1.4

2.8

1.4

0.3

0.7

Honduras

4.3

2.4

-4.1

2.1

2.2

2.6

1.3

1.6

2.2

2.1

Mexico

1.5

-0.3

-6.2

3.5

2.5

2.6

0.0

0.9

1.1

0.7

Nicaragua

3.9

1.5

-4.0

1.9

4.9

4.3

3.3

3.4

3.8

3.7

Panama

10.2

6.7

-0.1

4.0

9.9

7.4

4.9

4.4

4.1

3.6

Paraguay

4.0

4.9

-5.2

11.6

2.9

-2.6

12.5

3.3

1.6

2.7

Peru

7.2

7.8

-0.1

7.0

4.9

4.7

4.4

1.0

1.9

2.6

Uruguay

6.3

6.8

3.9

7.5

4.8

3.2

4.3

2.9

0.6

0.2

Venezuela (Bolivarian Republic of)

7.0

3.6

-4.7

-2.9

2.7

4.2

-0.0

-5.1

-6.9

-10.8

The Caribbean

5.7

0.6

-4.3

0.6

0.2

0.5

0.7

-0.3

-0.4

-2.3

Antigua and Barbuda

8.1

-1.1

-13.0

-8.0

-2.8

2.8

-1.2

3.5

3.1

3.1

Bahamas

-0.5

-4.1

-5.8

-0.2

-1.0

1.5

-1.4

-1.9

-2.9

-1.2

Barbados

1.3

-0.1

-1.9

-0.1

0.4

0.0

-0.4

-0.1

0.2

1.1

Belize

-1.5

0.6

-1.7

0.9

-0.3

1.4

-0.9

1.9

-1.0

-4.4

Dominica

6.2

7.0

-1.3

0.4

-0.6

-1.5

0.3

3.7

-2.2

0.5

Grenada

5.8

0.6

-6.9

-0.9

0.4

-1.5

1.9

6.9

5.8

2.4

Guyana

6.7

1.6

3.0

4.0

5.1

4.5

4.9

3.5

2.6

2.1

Jamaica

16.6

-1.2

-4.9

-1.9

1.3

-1.0

0.2

0.3

0.6

0.7

Saint Kitts and Nevis

-1.5

5.0

-4.2

-3.4

1.2

-1.8

4.9

4.7

2.6

2.6

Saint Lucia

-0.5

2.6

-1.8

-2.9

-0.8

-2.3

-0.7

-0.4

1.2

2.0

Saint Vincent and the Grenadines

2.3

2.4

-2.2

-3.4

-0.4

1.4

1.8

1.1

1.5

2.0

Suriname

4.1

3.0

1.8

4.0

4.2

2.1

1.9

0.9

-2.9

-11.2

Trinidad and Tobago

4.0

2.9

-4.8

2.8

-0.8

0.8

1.8

-1.5

-0.2

-4.8

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Preliminary figures.

b Based on official figures expressed in dollars at constant 2010 prices.

Table A1.4

Latin America and the Caribbean: gross fixed capital formationa

(Percentages of GDP)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016b

Latin America and the Caribbean

19.3

20.3

19.3

20.2

21.1

21.3

21.3

20.8

19.4

18.4

Argentina

16.9

17.6

14.5

16.6

18.4

17.3

17.3

16.5

15.6

15.5

Bahamas

27.9

25.8

24.3

24.0

25.3

27.6

26.9

30.4

27.1

...

Belize

20.1

24.9

20.1

15.3

14.9

15.7

18.2

20.1

...

...

Bolivia (Plurinational State of)

14.4

16.1

16.1

16.6

19.5

19.0

19.9

20.7

20.7

20.3

Brazil

17.9

19.1

18.7

20.5

21.1

20.8

21.4

20.4

18.3

17.4

Chile

19.4

22.4

19.9

21.0

22.8

24.1

23.7

22.3

21.5

21.5

Colombia

21.0

22.3

21.7

21.9

24.4

24.6

25.0

26.3

26.2

25.7

Costa Rica

20.5

22.1

19.9

20.0

20.8

21.4

20.7

20.7

21.7

21.0

Dominican Republic

26.8

27.6

23.3

25.1

23.7

23.0

22.4

23.3

26.3

28.3

Ecuador

22.1

24.1

23.1

24.6

26.1

27.3

28.7

28.7

27.0

25.6

El Salvador

16.9

15.8

13.2

13.3

14.8

14.3

15.4

14.2

15.0

...

Guatemala

19.7

18.0

15.6

14.8

15.2

15.3

15.0

15.0

15.2

15.3

Haiti

25.1

25.6

25.7

25.4

...

...

...

...

...

...

Honduras

32.7

33.3

22.1

21.6

24.3

24.2

23.1

22.1

...

...

Mexico

22.3

23.1

22.0

21.2

21.9

22.1

21.4

21.6

21.9

21.7

Nicaragua

23.8

23.9

19.4

21.4

24.4

27.3

28.0

26.9

31.0

31.0

Panama

27.5

29.5

28.2

30.2

33.7

37.3

42.2

43.7

...

...

Paraguay

13.7

15.2

14.7

15.9

16.9

15.8

15.5

16.1

16.0

15.9

Peru

18.7

21.9

20.9

23.5

24.3

26.3

26.2

25.1

22.7

22.0

Uruguay

17.6

19.6

17.7

19.1

19.4

22.1

22.0

21.8

19.8

19.4

Venezuela (Bolivarian Republic of)

21.3

20.7

19.6

18.7

18.7

21.9

19.6

17.0

17.5

4.1

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Based on official figures expressed in dollars at constant 2010 prices.

b Preliminary figures.

Table A1.5

Latin America and the Caribbean: balance of payments

(Millions of dollars)

Exports

of goods f.o.b.

Exports

of services

Imports

of goods f.o.b.

Imports

of services

2014

2015

2016a

2014

2015

2016a

2014

2015

2016a

2014

2015

2016a

Latin America and the Caribbean

1 083 333

924 085

...

154 521

151 296

...

1 105 630

984 700

...

229 818

204 160

...

Latin Americab

1 061 344

906 886

837 022

143 670

140 358

139 105

1 077 274

959 749

851 097

221 269

195 997

169 364

Argentina

68 407

56 788

57 117

13 877

14 046

12 678

62 429

57 176

53 516

16 940

17 971

18 866

Bolivia (Plurinational State of)

12 810

8 673

7 025

1 231

1 242

1 166

9 888

9 004

7 743

3 024

2 810

2 670

Brazil

224 098

190 092

183 439

39 965

33 778

33 891

230 727

172 422

139 662

88 072

70 696

61 864

Chile

74 924

62 232

58 800

11 011

9 777

9 780

68 580

58 738

55 214

14 829

13 589

12 845

Colombia

56 899

38 114

32 397

6 900

7 144

7 053

61 539

52 049

43 930

13 560

11 439

9 944

Costa Rica

9 493

9 404

9 968

6 955

7 358

8 190

14 784

14 464

14 753

2 448

2 728

2 946

Dominican Republic

9 899

9 523

9 333

7 025

7 537

8 118

17 273

16 863

16 779

2 835

3 139

3 149

Ecuador

26 596

19 049

16 763

2 346

2 391

2 071

26 660

20 699

15 731

3 517

3 197

2 800

El Salvador

4 255

4 381

4 249

2 226

2 330

2 470

9 463

9 320

8 761

1 486

1 544

1 716

Guatemala

10 992

10 824

10 499

2 830

2 823

2 696

17 056

16 381

15 562

3 033

3 162

3 002

Haiti

961

1 024

1 001

701

724

651

3 666

3 445

3 223

1 085

986

888

Honduras

8 072

8 041

7 759

1 087

1 104

1 153

11 070

11 097

10 653

1 784

1 794

1 763

Mexico

397 650

381 049

369 618

21 086

22 886

22 886

400 440

395 573

386 008

33 537

32 056

30 347

Nicaragua

3 622

3 341

3 174

1 388

1 437

1 657

6 024

6 083

6 204

1 036

948

1 053

Panama

14 972

12 784

10 994

12 655

14 535

14 680

25 795

22 492

19 793

4 868

4 499

4 364

Paraguay

13 105

10 898

11 225

892

860

860

12 079

10 317

9 698

1 114

1 104

1 057

Peru

39 533

34 236

35 299

5 950

6 226

6 413

41 042

37 385

35 741

7 680

7 958

7 799

Uruguay

10 343

9 077

8 362

3 345

2 997

2 694

11 252

9 340

8 126

3 206

2 603

2 291

Venezuela (Bolivarian Republic of)

74 714

37 357

...

2 201

1 163

...

47 508

36 901

...

17 216

13 774

...

The Caribbean

21 989

17 200

...

10 850

10 937

...

28 356

24 951

...

8 549

8 163

...

Antigua and Barbuda

69

60

61

522

543

558

517

444

453

225

226

233

Bahamasc

834

527

...

2 717

2 737

...

3 316

2 953

...

1 725

1 271

...

Barbados

792

801

...

1 103

1 127

...

1 652

1 537

...

462

494

...

Belizec

589

538

...

494

496

...

926

961

...

225

221

...

Dominica

39

32

33

179

179

185

203

192

211

75

74

78

Grenada

44

38

39

189

200

202

299

307

314

104

110

112

Guyana

1 167

1 170

...

181

143

...

1 791

1 475

...

426

423

...

Jamaica

1 449

1 261

1 286

2 952

3 057

2 872

5 208

4 414

4 275

2 245

2 157

2 241

Saint Kitts and Nevis

58

60

63

315

321

340

285

370

388

139

161

169

Saint Lucia

184

207

195

448

456

464

552

502

482

191

186

185

Saint Vincent and the Grenadines

53

51

54

132

137

144

319

295

301

93

91

93

Suriname

2 145

1 652

...

211

204

...

2 012

2 028

...

761

674

...

Trinidad and Tobago

14 566

10 804

...

1 407

1 339

...

11 276

9 474

...

1 878

2 074

...

Goods and services

balance

Income balance

Current transfers

balance

Current account

balance

2014

2015

2016a

2014

2015

2016a

2014

2015

2016a

2014

2015

2016a

Latin America and the Caribbean

-97 635

-113 479

...

-157 068

-133 735

...

65 854

68 029

...

-188 849

-179 185

...

Latin Americab

-93 569

-108 502

-44 335

-153 392

-131 790

-120 286

62 884

65 096

69 265

-184 078

-175 196

-95 356

Argentina

2 916

-4 312

-2 587

-10 788

-11 260

-10 515

-158

-372

-167

-8 031

-15 944

-13 270

Bolivia (Plurinational State of)

1 089

-1 899

-2 222

-1 696

-1 124

-700

1 086

1 169

1 204

478

-1 854

-1 718

Brazil

-54 736

-19 249

15 803

-52 170

-42 357

-38 136

2 725

2 724

2 800

-104 181

-58 882

-19 533

Chile

2 526

-317

521

-7 692

-6 194

-6 400

1 849

1 750

1 550

-3 316

-4 761

-4 328

Colombia

-11 300

-18 231

-14 424

-12 634

-5 825

-4 602

4 475

5 117

5 322

-19 459

-18 938

-13 705

Costa Rica

-784

-430

459

-2 062

-2 359

-2 778

412

435

444

-2 434

-2 353

-1 875

Dominican Republic

-3 185

-2 942

-2 477

-3 265

-3 045

-3 197

4 309

4 680

4 914

-2 141

-1 307

-760

Ecuador

-1 234

-2 455

303

-1 556

-1 745

-2 300

2 264

2 078

2 120

-526

-2 122

123

El Salvador

-4 467

-4 154

-3 759

-1 074

-1 137

-1 274

4 234

4 372

4 634

-1 307

-920

-399

Guatemala

-6 267

-5 896

-5 369

-1 408

-1 399

-1 650

6 445

7 199

7 702

-1 230

-96

684

Haiti

-3 089

-2 684

-2 459

50

46

37

2 291

2 437

2 377

-748

-202

-44

Honduras

-3 695

-3 746

-3 504

-1 322

-1 380

-1 569

3 572

3 835

3 950

-1 444

-1 291

-1 123

Mexico

-15 241

-23 694

-23 851

-33 804

-33 823

-30 413

22 915

24 301

26 245

-26 131

-33 216

-28 019

Nicaragua

-2 049

-2 252

-2 426

-314

-342

-344

1 450

1 548

1 595

-913

-1 045

-1 175

Panama

-3 036

328

1 518

-2 630

-3 599

-4 364

122

-106

-238

-5 544

-3 377

-3 084

Paraguay

804

337

1 329

-1 383

-1 297

-1 477

606

672

740

27

-287

592

Peru

-3 240

-4 882

-1 829

-9 328

-7 659

-9 145

4 372

3 331

3 950

-8 196

-9 210

-7 023

Uruguay

-770

130

639

-1 941

-1 495

-1 459

131

124

123

-2 580

-1 241

-697

Venezuela (Bolivarian Republic of)

12 191

-12 155

...

-8 375

-5 798

...

-218

-197

...

3 598

-18 150

...

The Caribbean

-4 065

-4 977

...

-3 676

-1 945

...

2 970

2 933

...

-4 771

-3 989

...

Antigua and Barbuda

-152

-68

-68

-36

-31

-37

28

29

29

-159

-71

-75

Bahamas

-1 490

-960

...

-438

-402

...

0

-46

...

-1 928

-1 409

...

Barbados

-219

-104

...

-197

-213

...

-14

2

...

-431

-315

...

Belize

-67

-149

...

-143

-95

...

74

70

...

-136

-175

...

Dominica

-61

-53

-70

-17

-17

-17

21

28

28

-57

-43

-60

Grenada

-170

-180

-184

-33

-34

-35

22

16

17

-181

-198

-203

Guyana

-869

-585

...

27

25

...

458

417

0

-385

-144

0

Jamaica

-3 051

-2 253

-2 358

-298

-449

-315

2 236

2 306

2 370

-1 114

-395

116

Saint Kitts and Nevis

-51

-151

-154

-26

-25

-26

42

39

37

-35

-137

-143

Saint Lucia

-111

-26

-6

-23

-22

-20

11

11

11

-123

-37

-16

Saint Vincent and the Grenadines

-226

-197

-196

0

-3

-5

44

44

45

-182

-156

-156

Suriname

-417

-846

...

-69

-27

...

71

65

...

-415

-808

...

Trinidad and Tobago

2 820

595

...

-2 421

-650

...

-21

-47

...

378

-101

...

Capital and

financial balancec

Overall balance

Reserve assets

(variation)d

Other financing

2014

2015

2016a

2014

2015

2016a

2014

2015

2016a

2014

2015

2016a

Latin America and the Caribbean

219 328

150 938

...

37 907

-26 345

...

-40 175

23 780

...

2 272

2 534

...

Latin Americab

215 720

148 249

119 961

35 568

-24 987

12 635

-37 803

22 494

-27 213

2 233

2 491

0

Argentina

9 226

11 073

25 239

1 195

-4 871

0

-3 428

2 063

-11 970

2 232

2 808

0

Bolivia (Plurinational State of)

454

233

-565

932

-1 620

-2 283

-932

1 620

0

0

0

0

Brazil

115 014

60 451

27 633

10 833

1 569

8 100

-10 833

-1 569

-8 100

0

0

0

Chile

4 373

4 973

5 438

1 057

211

1 109

-1 057

-211

-1 109

0

0

0

Colombia

23 896

19 354

13 939

4 437

415

234

-4 437

-415

-234

0

0

0

Costa Rica

2 321

2 997

1 722

-113

644

-153

113

-644

153

0

0

0

Dominican Republic

2 789

2 077

435

648

770

-326

-195

-407

0

-455

-365

0

Ecuador

101

633

1 739

-424

-1 489

1 862

411

1 453

-1 862

13

36

0

El Salvador

1 274

1 033

1 063

-33

113

664

33

-113

-664

0

0

0

Guatemala

-2 292

-1 512

580

73

475

1 264

-73

-475

-1 264

0

0

0

Haiti

288

85

252

-94

-157

208

479

155

-208

-385

2

0

Honduras

1 904

1 584

1 246

459

293

122

-459

-303

-122

-1

10

0

Mexico

42 459

17 549

30 162

16 329

-15 667

2 142

-16 329

15 667

-2 142

0

0

0

Nicaragua

1 195

1 242

1 074

282

197

-101

-282

-197

101

0

0

0

Panama

5 941

3 377

3 514

397

-78

430

-1 222

78

-430

825

0

0

Paraguay

1 112

-272

131

1 138

-560

724

-1 131

560

-724

-7

0

0

Peru

6 041

9 288

7 322

-2 188

73

299

2 178

-73

-299

10

0

0

Uruguay

3 940

-547

-963

1 360

-1 788

-1 660

-1 360

1 788

1 660

0

0

0

Venezuela (Bolivarian Republic of)

-4 316

14 632

...

-718

-3 518

...

718

3 518

...

0

0

...

The Caribbean

3 608

2 689

...

2 339

-1 358

...

-2 372

1 286

...

38

43

...

Antigua and Barbuda

253

128

75

94

58

0

-94

-59

0

0

0

0

Bahamas

1 974

1 433

...

46

24

0

-46

-24

...

2

0

...

Barbados

386

252

...

-46

-63

...

46

63

...

0

0

0

Belize

221

71

...

85

-104

...

-84

104

...

-1

0

...

Dominica

75

65

60

18

21

0

-15

-26

0

0

0

0

Grenada

204

228

203

23

30

0

-23

-30

0

0

0

0

Guyana

408

169

...

22

25

...

-59

-68

0

37

43

...

Jamaica

-1 588

882

520

800

428

-197

-800

-428

197

0

0

0

Saint Kitts and Nevis

62

99

143

27

-38

0

-27

38

0

0

0

0

Saint Lucia

190

76

16

67

39

0

-67

-63

0

0

0

0

Saint Vincent and the Grenadines

205

171

156

23

15

0

-23

-15

0

0

0

0

Suriname

265

542

...

-150

-266

...

150

266

...

0

0

...

Trinidad and Tobago

952

-1 427

...

1 330

-1 529

...

-1 330

1 529

...

0

0

...

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Estimates.

b Does not include the Bolivarian Republic of Venezuela.

c Includes errors and omissions.

d A minus sign (-) indicates an increase in reserve assets.

Table A1.6

Latin America and the Caribbean: international trade of goods

(Indices: 2010=100)

Exports of goods, f.o.b.

Unit value

Value

Volume

2014

2015

2016a

2014

2015

2016a

2014

2015

2016a

Latin America

120.5

103.0

98.0

112.5

115.3

116.2

107.2

89.4

84.4

Argentina

100.3

83.3

83.8

85.6

84.1

90.0

117.3

99.0

93.1

Bolivia (Plurinational State of)

200.1

135.5

109.7

151.9

129.8

119.5

131.7

104.4

91.9

Brazil

111.3

94.4

91.1

103.7

112.1

116.3

107.4

84.2

78.3

Chile

96.8

80.4

76.0

102.6

100.5

102.1

94.3

80.0

74.4

Colombia

139.6

93.5

79.5

139.4

143.1

139.8

100.1

65.4

56.9

Costa Rica

126.7

125.5

133.0

126.3

131.7

138.2

100.3

95.3

96.3

Dominican Republic

145.3

139.7

137.0

143.7

148.6

147.1

101.1

94.0

93.1

Ecuador

146.6

105.0

92.4

125.5

125.2

126.6

116.8

83.9

73.0

El Salvador

122.5

126.1

122.3

110.3

112.2

108.8

111.0

112.5

112.5

Guatemala

128.8

126.8

123.0

129.3

135.5

136.9

99.6

93.6

89.9

Haiti

170.6

181.8

177.7

156.9

166.2

163.9

108.7

109.3

108.4

Honduras

128.9

128.4

123.9

130.2

135.1

137.3

98.9

95.0

90.2

Mexico

133.1

127.5

123.7

125.2

130.8

131.5

106.3

97.5

94.1

Nicaragua

149.4

137.8

130.9

135.8

129.0

127.6

110.0

106.8

102.6

Panama

118.1

100.9

86.7

110.5

95.6

84.8

106.9

105.4

102.3

Paraguay

125.1

104.0

107.2

112.3

100.4

108.9

111.4

103.6

98.4

Peru

110.4

95.6

98.6

105.8

107.6

116.6

104.4

88.8

84.6

Uruguay

128.8

113.0

104.1

108.2

106.9

104.8

119.0

105.7

99.4

Venezuela (Bolivarian Republic of)

111.7

55.9

39.2

92.0

83.7

70.3

121.4

66.8

55.7

Imports of goods, f.o.b.

Unit value

Value

Volume

2014

2015

2016a

2014

2015

2016a

2014

2015

2016a

Latin America

127.6

113.7

103.4

116.3

112.5

107.6

109.7

101.1

96.1

Argentina

115.3

105.6

98.8

103.6

107.5

111.8

111.3

98.2

88.4

Bolivia (Plurinational State of)

176.9

161.1

138.5

107.3

100.3

92.7

164.9

160.6

149.3

Brazil

126.2

94.3

76.4

112.9

95.7

84.3

111.8

98.5

90.6

Chile

94.1

80.6

75.8

89.9

86.9

86.4

104.7

92.8

87.7

Colombia

160.2

135.5

114.4

146.6

143.4

131.5

109.3

94.5

87.0

Costa Rica

133.9

131.0

133.6

129.4

140.6

146.4

103.5

93.1

91.3

Dominican Republic

113.6

110.9

110.3

104.8

119.0

123.3

108.4

93.2

89.5

Ecuador

135.7

105.4

80.1

123.9

100.4

79.5

109.5

104.9

100.7

El Salvador

126.3

124.3

116.9

113.3

123.1

120.5

111.4

101.0

97.0

Guatemala

133.2

127.9

121.5

123.5

131.7

131.7

107.9

97.1

92.2

Haiti

121.8

114.5

107.1

93.1

97.7

94.7

130.9

117.1

113.0

Honduras

124.3

124.6

119.6

113.6

125.0

127.6

109.4

99.7

93.7

Mexico

132.7

131.1

127.9

121.8

124.6

125.3

108.9

105.2

102.1

Nicaragua

138.5

139.8

142.6

126.0

146.2

158.6

109.9

95.6

89.9

Panama

149.8

130.6

115.0

139.7

128.3

117.0

107.2

101.8

98.3

Paraguay

125.9

107.5

101.1

116.7

111.5

112.7

107.9

96.4

89.7

Peru

142.4

129.7

124.0

127.7

128.1

125.8

111.5

101.3

98.6

Uruguay

131.5

109.1

95.0

124.1

118.2

113.0

105.9

92.4

84.0

Venezuela (Bolivarian Republic of)

113.8

88.4

52.6

104.9

87.6

54.3

108.5

101.0

96.9

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Estimates.

Table A1.7

Latin America: terms of trade for goods f.o.b./f.o.b.

(Indices: 2010=100)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016a

Latin America

93.9

97.1

89.5

100.0

108.0

104.5

102.3

97.7

88.4

87.8

Argentina

85.5

95.9

96.6

100.0

110.9

115.7

108.1

105.4

100.8

105.3

Bolivia (Plurinational State of)

93.9

99.0

95.2

100.0

118.1

112.3

94.5

79.9

65.0

61.5

Brazil

85.3

88.5

86.2

100.0

107.8

101.5

99.4

96.1

85.5

86.4

Chile

91.7

78.4

82.0

100.0

101.3

94.8

91.9

90.1

86.2

84.8

Colombia

86.2

91.3

86.1

100.0

114.6

108.2

100.5

91.6

69.1

65.4

Costa Rica

104.7

100.8

104.1

100.0

96.3

95.8

96.1

97.0

102.3

105.5

Dominican Republic

100.5

96.0

103.8

100.0

94.7

93.8

91.5

93.3

100.9

104.0

Ecuador

...

...

...

100.0

112.4

112.1

113.2

106.7

80.0

72.5

El Salvador

104.0

94.1

105.9

100.0

97.5

98.0

96.3

99.6

111.3

116.0

Guatemala

95.1

92.6

100.5

100.0

99.1

93.7

91.8

92.3

96.4

97.4

Haiti

111.2

79.9

103.4

100.0

83.0

86.0

80.6

83.1

93.4

95.9

Honduras

97.0

91.1

97.3

100.0

108.4

94.6

88.6

90.4

95.3

96.3

Mexico

103.3

104.6

92.9

100.0

106.8

102.9

102.8

97.6

92.6

92.2

Nicaragua

94.6

90.9

97.9

100.0

106.6

106.5

98.2

100.1

111.7

114.1

Panama

101.9

97.3

101.9

100.0

97.8

98.2

97.7

99.7

103.5

104.1

Paraguay

95.3

102.3

100.0

100.0

102.4

103.4

102.8

103.3

107.5

109.8

Peru

95.0

84.6

82.6

100.0

107.2

105.0

99.0

93.6

87.7

85.8

Uruguay

87.1

94.1

100.5

100.0

102.4

106.3

108.1

112.3

114.5

118.2

Venezuela (Bolivarian Republic of)

93.6

115.5

84.1

100.0

120.2

121.4

118.9

111.8

66.1

57.5

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Estimates.

Table A1.8

Latin America and the Caribbean (selected countries): remittances from emigrant workers

(Millions of dollars)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016a

Bolivia (Plurinational State of)

1 020

1 097

1 023

939

1 012

1 094

1 182

1 164

1 179

792

b

Brazilc

2 809

2 913

2 224

2 518

2 550

2 191

2 124

2 128

2 459

1 576

b

Colombia

4 430

4 785

4 090

3 996

4 064

3 970

4 401

4 093

4 635

3 942

Costa Rica

596

584

489

505

487

527

561

559

518

249

d

Dominican Republicc

...

...

...

3 683

4 008

4 045

4 262

4 571

4 961

3 949

e

Ecuadorc

3 335

3 083

2 736

2 591

2 672

2 467

2 450

2 462

2 378

1 264

d

El Salvador

3 695

3 742

3 387

3 455

3 628

3 880

3 938

4 133

4 270

3 728

Guatemala

4 128

4 315

3 912

4 127

4 378

4 783

5 105

5 544

6 285

5 881

Haiti

2 510

2 707

2 403

2 526

2 750

2 842

3 093

3 437

3 726

2 924

e

Honduras

1 964

2 021

1 792

1 906

2 025

2 037

2 065

2 157

2 226

1 125

d

Jamaica

26 059

25 145

21 306

21 304

22 803

22 438

22 303

23 647

24 792

20 045

e

Mexico

740

818

768

823

912

1 014

1 078

1 136

1 193

922

e

Nicaragua

198

202

201

274

451

528

519

422

462

387

e

Peru

2 131

2 444

2 409

2 534

2 697

2 788

2 707

2 637

2 725

1 393

d

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Figures as of October.

b Figures as of August.

c New methodology according to the sixth edition of the Balance of Payments Manual of the International Monetary Fund (IMF).

d Figures as of June.

e Figures as of September.

Table A1.9

Latin America and the Caribbean: net resource transfera

(Millions of dollars)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016b

Latin America and the Caribbean

43 751

-46 263

-16 201

36 195

43 628

27 986

23 333

64 531

19 737

392

Latin Americac

45 418

-43 876

-15 174

39 973

45 708

26 861

26 900

64 561

18 950

-325

Argentina

-198

-10 991

-14 023

-14 284

-10 809

-14 397

-10 054

670

2 621

14 724

Bolivia (Plurinational State of)

-128

-177

-1 094

-707

923

-1 888

-1 840

-1 242

-891

-1 265

Brazil

56 642

-9 401

37 269

57 870

65 194

38 810

36 374

62 844

18 094

-10 503

Chile

-1 352

-15 786

-9 657

-914

218

-4 033

115

-3 318

-1 222

-962

Colombia

2 945

-517

-2 257

588

-2 018

1 626

4 882

11 262

13 529

9 336

Costa Rica

1 929

2 022

-180

589

979

3 065

1 064

258

639

-1 056

Cuba

-960

...

...

...

...

...

...

...

...

...

Dominican Republic

665

2 462

1 248

3 167

2 522

1 079

686

-931

-1 333

-2 762

Ecuador

-2 760

-2 418

-1 883

-625

-522

-1 611

1 427

-1 441

-1 076

-561

El Salvador

1 039

1 477

179

-302

79

1 039

267

200

-104

-211

Guatemala

1 159

-2 022

-1 172

-3 026

-3 740

-3 831

-4 250

-3 699

-2 911

-1 070

Haiti

688

374

373

971

573

788

1 022

-47

133

290

Honduras

612

1 531

-429

546

521

33

894

581

214

-324

Mexico

2 423

8 201

-1 921

12 579

21 204

8 679

8 028

8 655

-16 274

-251

Nicaragua

1 124

1 316

895

761

993

777

948

881

901

730

Panama

712

1 732

-664

1 223

2 854

673

1 585

4 136

-222

-850

Paraguay

-1 046

-915

-767

-1 036

-603

-1 184

-1 127

-279

-1 569

-1 346

Peru

-95

-219

-6 684

3 557

-5 455

7 573

879

-3 277

1 629

-1 823

Uruguay

710

3 045

929

-1 131

2 248

4 344

3 903

1 999

-2 042

-2 422

Venezuela (Bolivarian Republic of)

-18 691

-23 589

-15 337

-19 853

-29 453

-14 681

-17 901

-12 691

8 834

...

The Caribbean

-1 667

-2 387

-1 027

-3 779

-2 080

1 126

-3 568

-30

787

717

Antigua and Barbuda

333

292

108

146

88

140

191

217

97

38

Bahamas

723

903

909

627

992

1 162

1 096

1 538

1 031

...

Barbados

233

136

182

116

254

251

45

188

39

...

Belize

-84

38

22

-107

-60

-32

68

77

-24

...

Dominica

66

108

118

70

67

81

23

58

47

43

Grenada

211

201

160

154

177

157

223

171

194

168

Guyana

137

262

-51

101

341

311

568

471

236

...

Jamaica

937

2 120

430

91

1 277

86

-1 171

-1 886

432

205

Saint Kitts and Nevis

89

183

172

142

129

52

50

36

74

117

Saint Lucia

295

257

125

195

231

158

84

167

54

-5

Saint Vincent and the Grenadines

168

204

189

221

163

208

247

205

168

151

Suriname

-181

-96

-68

-720

-569

-175

-84

196

514

...

Trinidad and Tobago

-4 594

-6 995

-3 324

-4 816

-5 170

-1 273

-4 909

-1 469

-2 077

...

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a The net resource transfer is calculated as total net capital income minus the income balance (net payments of profits and interest). Total net capital income is the balance on the capital and financial accounts plus errors and omissions, plus loans and the use of IMF credit plus exceptional financing. Negative figures indicate resources transferred outside the country.

b Preliminary figures.

c Does not include the Bolivarian Republic of Venezuela.

Table A1.10

Latin America and the Caribbean: net foreign direct investmenta

(Millions of dollars)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Latin America and the Caribbean

96 000

103 021

72 157

110 405

153 484

148 447

142 086

142 354

134 795

...

Latin America

92 007

97 049

69 028

107 487

150 927

146 205

141 250

139 605

133 750

...

Argentina

4 969

8 335

3 306

10 368

9 352

14 269

8 932

3 145

11 103

...

Bolivia (Plurinational State of)

362

508

426

672

859

1 060

1 750

690

495

...

Brazil

27 518

24 601

36 033

61 689

85 091

81 399

54 240

70 855

61 576

...

Chile

7 453

7 137

4 730

3 916

9 491

7 126

7 117

9 428

4 663

...

Colombia

7 607

7 480

4 530

947

6 228

15 646

8 557

12 426

7 514

...

Costa Rica

1 634

2 072

1 340

1 589

2 328

1 803

2 401

2 553

2 542

...

Dominican Republic

1 667

2 870

2 165

1 622

2 277

3 142

1 990

2 032

2 199

...

Ecuador

627

558

683

165

644

567

727

772

1 321

...

El Salvador

1 455

824

366

-226

218

484

176

311

429

...

Guatemala

720

770

626

829

1 043

1 284

1 329

1 495

1 338

...

Haiti

75

30

55

178

119

156

162

99

106

...

Honduras

926

1 007

505

971

1 012

851

992

1 120

1 113

...

Mexico

24 201

28 224

8 527

12 094

11 685

-2 293

34 199

20 282

22 127

...

Nicaragua

366

608

463

474

929

703

700

804

785

...

Panama

1 777

2 196

1 259

2 363

2 956

3 254

3 612

3 980

4 586

...

Paraguay

202

209

95

216

557

697

252

382

260

...

Peru

5 425

6 188

6 020

8 189

7 518

11 840

9 161

7 789

7 690

...

Uruguay

1 240

2 117

1 512

2 349

2 511

2 539

3 027

2 148

1 293

...

Venezuela (Bolivarian Republic of)

3 783

1 316

-3 613

-918

6 110

1 679

1 928

-704

2 609

...

The Caribbean

3 992

5 972

3 129

2 918

2 557

2 242

836

2 749

1 045

…

Antigua and Barbuda

338

159

81

97

65

133

95

149

148

...

Bahamas

746

860

664

872

667

530

388

251

76

...

Barbados

559

689

484

747

758

186

46

791

335

...

Belize

139

167

108

95

95

193

92

138

59

...

Dominica

40

57

42

43

35

59

23

33

34

...

Grenada

157

135

103

60

43

31

113

38

60

...

Guyana

152

178

164

198

247

278

201

238

117

...

Jamaica

751

1 361

480

169

144

-411

-631

-584

-931

...

Saint Kitts and Nevis

134

178

131

116

110

108

136

118

76

...

Saint Lucia

272

161

146

121

81

74

92

91

93

...

Saint Vincent and the Grenadines

119

159

110

97

86

115

160

109

120

...

Suriname

-247

-231

-93

-248

73

173

188

163

276

...

Trinidad and Tobago

830

2 101

709

549

156

772

-66

1 214

583

...

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Corresponds to direct investment in the reporting economy after deduction of outward direct investment by residents of that country. Includes reinvestment of profits.

Table A1.11

Latin America and the Caribbean: gross external debta

(Millions of dollars, end-of-period stocks)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016a

Latin America and the Caribbeanb

738 254

769 247

834 876

999 251

1 123 667

1 235 162

1 300 637

1 421 974

1 457 798

1 542 753

Latin America

725 174

755 688

820 515

982 308

1 105 723

1 217 197

1 281 411

1 401 701

1 435 937

1 519 411

Argentina

Total

125 366

125 859

119 267

134 011

145 154

145 722

141 491

144 801

152 632

188 266

Bolivia (Plurinational State of)

Total

5 403

5 930

5 801

5 875

6 298

6 625

7 756

8 543

9 445

9 941

Brazil

Total

193 159

198 492

198 136

256 804

298 204

327 590

312 517

352 684

334 745

335 361

Chile

Total

53 627

63 534

72 617

84 986

99 306

120 446

134 550

149 652

155 656

162 588

Colombia

Total

44 553

46 369

53 719

64 738

75 568

78 763

91 976

101 282

110 596

116 378

Costa Rica

Total

8 075

8 827

8 276

9 527

11 286

15 381

19 629

21 671

23 903

25 389

Dominican Republic

Public

6 556

7 219

8 215

9 947

11 625

12 872

14 919

16 074

16 029

17 162

Ecuador

Total

17 445

16 900

13 514

13 914

15 210

15 913

18 788

24 112

27 193

32 725

El Salvador

Total

9 349

9 994

9 882

9 698

10 670

12 521

13 238

14 885

15 482

15 908

Guatemala

Total

10 909

11 163

11 248

12 026

14 021

15 339

17 307

19 530

20 385

20 775

Haiti

Public

1 627

1 921

1 333

354

709

1 173

1 562

1 875

1 985

...

Honduras

Total

3 190

3 499

3 365

3 785

4 208

4 861

6 709

7 184

7 462

7 337

Mexico

Total

124 995

123 626

160 427

193 971

209 766

225 973

259 535

285 754

297 896

321 153

Nicaragua

Public

3 385

3 512

3 661

4 068

4 263

4 481

4 724

4 796

4 804

5 000

Panama

Public

8 276

8 477

10 150

10 439

10 858

10 782

12 231

14 352

15 648

16 689

Paraguay

Total

2 731

3 220

3 177

3 713

3 970

4 563

4 776

6 126

6 513

7 083

Peru

Total

33 239

34 997

35 157

43 674

47 977

59 376

60 823

64 512

68 244

69 746

Uruguay

Total

14 864

15 425

17 969

18 425

18 345

24 030

26 518

28 100

28 451

27 057

Venezuela (Bolivarian Republic of)

Total

58 426

66 727

84 602

102 354

118 285

130 785

132 362

135 767

138 869

...

The Caribbean

Public

13 081

13 559

14 361

16 943

17 945

17 965

19 226

20 273

21 861

23 342

Antigua and Barbuda

Public

481

436

416

432

467

445

577

560

570

622

Bahamas

Public

337

443

767

916

1 045

1 465

1 616

2 095

2 100

2 294

Barbados

Public

1 103

1 089

1 321

1 523

1 564

1 490

1 590

1 652

1 610

1 579

Belize

Public

973

958

1 017

1 021

1 032

1 029

1 083

1 127

1 177

1 192

Dominica

Public

241

234

222

232

238

263

273

278

281

274

Grenada

Public

469

481

512

528

535

535

562

578

581

605

Guyana

Public

718

834

933

1 043

1 206

1 358

1 246

1 216

1 143

1 140

Jamaica

Public

6 123

6 344

6 594

8 390

8 626

8 256

8 310

8 659

10 314

10 225

Saint Kitts and Nevis

Public

323

312

325

296

320

317

320

280

210

199

Saint Lucia

Public

399

364

373

393

417

435

488

526

457

568

Saint Vincent and the Grenadines

Public

219

229

262

313

328

329

354

385

378

351

Suriname

Public

298

319

269

334

463

567

739

810

876

1 042

Trinidad and Tobago

Public

1 398

1 515

1 351

1 522

1 706

1 478

2 068

2 109

2 164

3 251

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Preliminary figures.

b Includes debt owed to the International Monetary Fund.

Table A1.12

Latin America and the Caribbean: sovereign spreads on EMBI+ and EMBI global

(Basis points to end of period)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016a

Latin America

EMBI+

268

722

328

305

410

317

410

491

584

476

Argentina

EMBI+

410

1 704

660

496

925

991

808

719

438

451

Belize

EMBI Global

...

...

...

617

1 391

2 245

807

819

822

1 284

Bolivia (Plurinational State of)

EMBI Global

...

...

...

...

...

...

289

277

250

130

Brazil

EMBI+

221

428

192

189

223

142

224

259

523

313

Chile

EMBI Global

151

343

95

115

172

116

148

169

253

177

Colombia

EMBI+

195

498

196

172

195

112

166

196

321

239

Dominican Republic

EMBI Global

...

...

...

322

597

343

349

381

421

386

Ecuador

EMBI Global

614

4 731

769

913

846

826

530

883

1 266

743

El Salvador

EMBI Global

...

...

...

302

478

396

389

414

634

478

Jamaica

EMBI Global

...

...

...

427

637

711

641

485

469

386

Mexico

EMBI+

149

376

164

149

187

126

155

182

232

220

Panama

EMBI+

184

540

171

162

201

129

199

189

218

168

Paraguay

EMBI Global

...

...

...

...

...

...

240

291

338

268

Peru

EMBI+

178

509

165

163

216

114

159

181

246

163

Uruguay

EMBI Global

243

685

238

188

213

127

194

208

280

230

Venezuela (Bolivarian Republic of)

EMBI+

506

1 862

1 017

1 044

1 197

773

1 093

2 295

2 658

2 281

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of information from JPMorgan, Emerging Markets Bond Index Monitor.

a Figures as of October.

Table A1.13

Latin America and the Caribbean: sovereign risk premiums on five-year credit default swaps

(Basis points to end of period)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016a

Argentina

462

4 041

914

602

922

1 442

1 654

2 987

5 393

446

Brazil

103

301

123

111

162

108

194

201

495

297

Chile

32

203

68

84

132

72

80

94

129

89

Colombia

130

309

143

113

156

96

119

141

243

191

Mexico

69

293

134

114

154

98

92

103

170

181

Panama

118

302

134

99

150

98

111

109

182

138

Peru

116

304

124

113

172

97

133

115

188

119

Venezuela (Bolivarian Republic of)

452

3 218

1 104

1 016

928

647

1 150

3 155

4 868

4 079

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of information from Bloomberg.

a Figures as of October.

Table A1.14

Latin America and the Caribbean: international bond issuesa

(Millions of dollars)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016b

Total

41 515

19 848

64 750

90 183

91 687

114 241

123 332

133 056

78 606

116 713

National issues

40 976

19 401

63 250

88 657

90 272

111 757

121 518

129 743

75 436

111 933

Argentina

3 256

65

500

3 146

2 449

663

1 025

1 941

3 586

33 083

Bahamas

-

100

300

-

-

-

-

300

-

-

Barbados

-

-

450

390

-

-

-

2 500

320

-

Bolivia (Plurinational State of)

-

-

-

-

-

500

500

-

-

-

Brazil

10 608

6 520

25 745

39 305

38 369

50 255

37 262

45 364

7 188

20 481

Chile

250

-

2 773

6 750

6 049

9 443

11 540

13 768

7 650

4 692

Colombia

3 065

1 000

5 450

1 912

6 411

7 459

10 012

9 200

6 400

4 061

Costa Rica

-

-

-

-

250

1 250

3 000

1 000

1 000

500

Dominican Republic

605

-

-

1 034

750

750

1 800

1 500

3 500

1 870

Ecuador

-

-

-

-

-

-

-

2 000

1 500

2 000

El Salvador

-

-

800

450

654

800

310

800

300

-

Guatemala

-

30

-

-

150

1 400

1 300

1 100

-

700

Honduras

-

-

-

20

-

-

1 000

-

-

-

Jamaica

1 900

350

750

1 075

694

1 750

1 800

1 800

2 925

364

Mexico

10 296

6 000

16 659

26 882

22 276

28 147

41 729

37 592

30 075

36 039

Panama

670

686

1 323

-

897

1 100

1 350

1 935

1 700

2 200

Paraguay

-

-

-

-

100

500

500

1 000

280

600

Peru

1 827

-

2 150

4 693

2 155

7 240

5 840

5 944

6 407

1 960

Suriname

-

-

-

-

-

-

-

-

-

636

Trinidad and Tobago

-

-

850

-

175

-

550

-

-

1 600

Uruguay

999

-

500

-

1 693

500

2 000

2 000

2 605

1 147

Venezuela (Bolivarian Republic of)

7 500

4 650

5 000

3 000

7 200

-

-

-

-

-

Supranational issues

539

447

1 500

1 526

1 415

2 484

1 814

3 313

3 171

4 780

Central American Bank for Economic Integration (CABEI)

-

-

500

151

-

250

520

505

521

831

Caribbean Development Bank (CDB)

-

-

-

-

175

-

-

-

-

-

Foreign Trade Bank of Latin America (BLADEX)

-

-

-

-

-

400

-

-

-

73

Development Bank of Latin America (CAF)

539

447

1 000

1 375

1 240

1 834

1 294

2 808

2 650

3 376

Inter-American Investment Corporation

-

-

-

-

-

-

-

-

-

500

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of information from Merrill Lynch, J.P. Morgan and Latin Finance.

a Includes sovereign, bank and corporate bonds.

b Figures as of October.

Table A1.15

Latin America and the Caribbean: stock exchange indices

(National indices to end of period, 31 December 2005=100)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016a

Argentina

139

70

150

228

160

185

349

556

757

1 130

Brazil

191

112

205

207

170

182

154

149

130

185

Chile

155

121

182

251

213

219

188

196

187

214

Colombia

112

79

122

163

133

155

137

122

90

101

Costa Rica

217

207

142

118

121

129

190

211

191

252

Ecuador

121

128

107

126

128

135

148

168

161

148

Jamaica

103

77

80

82

91

88

77

73

144

171

Mexico

166

126

180

217

208

246

240

242

241

255

Peru

365

147

295

487

406

430

328

308

205

321

Trinidad and Tobago

92

79

72

78

95

100

111

108

109

113

Venezuela (Bolivarian Republic of)

186

172

270

320

574

2 312

13 421

18 925

71 546

162 829

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of information from Bloomberg.

a Figures as of November.

Table A1.16

Latin America and the Caribbean: gross international reserves

(Millions of dollars, end-of-period stocks)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016a

Latin America and the Caribbean

459 581

512 727

567 444

655 305

773 632

835 735

830 018

857 438

811 762

829 202

Latin America

448 480

498 906

553 531

639 428

756 688

820 026

813 984

839 356

795 043

812 196

Argentina

45 711

46 198

47 967

52 145

46 376

43 290

30 599

31 443

25 563

37 210

b

Bolivia (Plurinational State of)

5 319

7 722

8 580

9 730

12 019

13 927

14 430

15 123

13 056

10 694

b

Brazil

180 334

193 783

238 520

288 575

352 012

373 147

358 808

363 551

356 464

365 556

Chile

16 910

23 162

25 373

27 864

41 979

41 650

41 094

40 447

38 643

39 468

Colombia

20 955

24 041

25 365

28 464

32 303

37 474

43 639

47 328

46 740

46 974

b

Costa Rica

4 114

3 799

4 066

4 627

4 756

6 857

7 331

7 211

7 834

7 556

Dominican Republic

2 946

2 662

3 307

3 765

4 098

3 559

4 701

4 862

5 266

5 453

b

Ecuadorc

3 521

4 473

3 792

2 622

2 958

2 483

4 361

3 949

2 496

4 275

b

El Salvador

2 197

2 544

2 985

2 882

2 503

3 175

2 745

2 693

2 787

3 294

b

Guatemala

4 320

4 659

5 213

5 954

6 188

6 694

7 273

7 333

7 751

9 063

b

Haiti

494

587

733

1 284

1 344

1 337

1 690

1 163

977

1 034

d

Honduras

2 733

2 690

2 174

2 775

2 880

2 629

3 113

3 570

3 874

3 926

e

Mexico

87 211

95 302

99 893

120 587

149 209

167 050

180 200

195 682

177 597

176 852

b

Nicaragua

1 032

1 062

1 490

1 708

1 793

1 778

1 874

2 147

2 353

2 210

Panama

2 094

2 637

3 222

2 561

2 234

2 441

2 775

3 994

3 911

4 109

e

Paraguay

2 462

2 864

3 861

4 168

4 984

4 994

5 871

6 891

6 200

6 924

b

Peru

27 720

31 233

33 175

44 150

48 859

64 049

65 710

62 353

61 537

62 049

b

Uruguay

4 121

6 360

7 987

7 656

10 302

13 605

16 290

17 555

15 634

13 800

Venezuela (Bolivarian Republic of)

34 286

43 127

35 830

27 911

29 892

29 890

21 481

22 061

16 361

11 748

The Caribbean

11 101

13 821

13 913

15 877

16 944

15 709

16 034

18 081

16 718

17 007

Antigua and Barbudac

144

138

108

136

147

161

202

297

356

410

d

Bahamas

454

563

816

861

892

812

740

787

808

903

b

Barbados

622

523

563

575

587

630

516

467

434

415

b

Belize

99

156

210

216

242

289

402

483

432

361

b

Dominicac

60

55

64

66

75

92

85

100

125

157

d

Grenadac

110

104

112

103

106

104

135

158

189

195

d

Guyana

313

356

628

780

798

862

777

666

599

610

e

Jamaica

1 906

1 795

1 752

2 979

2 820

1 981

1 818

2 473

2 914

3 027

b

Saint Kitts and Nevisc

96

110

123

157

233

252

291

318

280

343

d

Saint Luciac

151

140

151

184

192

208

168

235

298

311

d

Saint Vincent and the Grenadinesc

86

83

75

111

88

109

133

156

165

169

d

Suriname

401

433

659

639

941

1 008

779

625

330

350

e

Trinidad and Tobago

6 659

9 364

8 652

9 070

9 823

9 201

9 987

11 317

9 788

9 757

b

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Figures as of November.

b Figures as of October.

c Net international reserves.

d Figures as of June.

e Figures as of September.

Table A1.17

Latin America and the Caribbean: real effective exchange ratesa b

(Indices: 2005=100, average values for the period)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016c d

Latin America and the Caribbeane

95.0

89.9

90.5

85.5

83.8

82.2

81.9

82.7

83.6

85.2

Barbados

98.7

97.7

93.3

89.5

90.5

89.5

89.5

89.9

89.4

88.3

Bolivia (Plurinational State of)

101.8

93.4

85.5

89.9

89.8

87.0

81.7

76.4

68.2

63.8

Brazil

82.8

80.4

82.3

72.0

69.2

77.7

83.1

85.8

106.9

104.4

Chile

97.1

97.3

101.6

96.3

95.3

94.0

95.2

105.4

108.8

109.0

Colombia

91.4

87.8

91.8

79.3

79.5

76.5

80.1

84.8

107.3

110.9

Costa Rica

97.4

94.1

92.8

82.4

79.7

76.6

74.1

77.4

73.5

74.6

Dominica

104.6

105.5

107.9

106.4

109.7

109.0

110.9

112.2

110.9

110.5

Dominican Republic

105.0

105.9

110.5

108.9

110.3

112.3

115.8

120.7

124.1

122.3

Ecuador

106.9

108.6

100.9

99.9

102.4

98.4

96.7

93.7

85.1

83.7

El Salvador

100.9

101.7

99.6

101.2

102.4

103.1

104.1

105.3

104.7

104.2

Guatemala

96.4

91.2

94.4

93.5

89.5

88.3

87.2

83.8

77.9

74.1

Honduras

97.5

94.2

87.1

86.1

85.4

83.8

84.8

82.4

81.9

83.4

Jamaica

104.9

99.2

110.8

98.2

96.3

95.3

100.0

109.4

117.9

122.0

Mexico

100.9

103.4

117.9

109.1

109.1

112.6

106.8

108.2

122.4

138.8

Nicaragua

100.4

94.9

103.4

100.8

105.8

103.4

100.1

101.9

102.4

103.8

Panama

105.8

106.5

103.5

103.0

103.9

94.4

92.3

90.6

86.2

85.1

Paraguay

82.1

73.8

81.6

80.1

71.7

73.0

68.5

66.4

67.4

69.1

Peru

102.6

99.5

97.8

94.4

96.6

90.1

90.6

92.7

94.3

96.7

Trinidad and Tobago

94.8

90.7

82.7

79.0

79.6

73.9

70.9

67.3

61.4

61.9

Uruguay

99.3

93.3

91.3

79.9

77.9

76.3

70.8

74.9

78.0

78.5

Venezuela (Bolivarian Republic of)

84.3

68.1

52.3

79.1

69.6

58.7

60.3

...

...

...

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a A country’s overall real effective exchange rate index is calculated by weighting its real bilateral exchange rate indices with each of its trading partners by each partner’s share in the country’s total trade flows in terms of exports and imports. The extraregional real effective exchange rate index excludes trade with other Latin American and Caribbean countries.

b Currency depreciates in real effective terms when this index rises and appreciates when it falls.

c Preliminary figures.

d Figures as of September.

e Simple average of the extraregional real effective exchange rate for 18 countries. Does not include countries with multiple exchange rates.

Table A1.18

Latin America and the Caribbean: participation rate

(Average annual rates)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2015

2016a

January to September

Latin America and the Caribbeanb

61.8

61.8

62.1

61.8

61.7

61.7

61.6

61.5

61.5

...

...

Argentinac

Urban areas

59.5

58.8

59.3

58.9

59.5

59.3

58.9

58.3

57.7d

...

...

Bahamas

Nationwide total

...

...

73.4

...

72.3

74.6

73.2

73.7

74.3

73.0

76.9e

Barbados

Nationwide total

67.8

67.6

67.0

66.6

67.6

66.2

66.7

63.9

65.1

65.2

65.3f

Belize

Nationwide total

61.2

59.2

...

...

...

65.8

64.0

63.6

63.2

63.4

63.7g

Bolivia (Plurinational State of)

Nationwide total

64.8

64.9

65.1

...

65.8

61.2

63.4

65.9

...

...

...

Brazilh

Nationwide totali

56.9

57.0

56.7

57.1

57.1 |

61.4

61.3

61.0

61.3

61.2

61.4

Chilej

Nationwide total

54.9

56.0

55.9 |

58.5

59.8

59.5

59.6

59.8

59.7

59.6

59.4

Colombia

Nationwide total

58.3

58.5

61.3

62.7

63.7

64.5

64.2

64.2

64.7

64.3

64.2

Costa Ricah k

Nationwide total

57.0

56.7 |

60.4

59.1

60.7 |

62.5

62.2

62.6

61.2

61.7

57.8

Cubal

Nationwide total

73.7

74.7

75.4

74.9

76.1

74.2

72.9

71.9

69.1

...

...

Dominican Republic

Nationwide total

64.3

63.7

61.4

62.6

63.8

64.7

64.2

64.8

64.9

64.4

65.0g

Ecuador

Nationwide totall

67.8

67.7

66.3 |

63.7

62.5

63.0

62.9

63.2

66.2

66.3

68.5

El Salvador

Nationwide total

62.1

62.7

62.8

62.5

62.7

63.2

63.6

62.8

62.1

...

...

Guatemalam

Nationwide total

60.1

...

...

54.3 |

61.8

65.4

60.6

60.9

60.7

60.4

61.5n

Honduras

Nationwide total

50.7

51.0

53.1

53.6

51.9

50.8

53.7

56.0

58.3

...

...

Jamaica

Nationwide total

64.9

65.4

63.5

62.4

62.3

61.9

63.0

62.8

63.1

63.0

64.8

Mexico

Nationwide total

58.8

58.7

58.6

58.4

58.6

59.2

60.3

59.8

59.8

59.6

59.7

Nicaraguak

Nationwide total

53.4

53.3 |

66.6

71.2

75.6

76.8

75.8

74.0

...

...

...

Panama

Nationwide total

62.7

63.9

64.1

63.5

61.9

63.4

64.1

64.0

64.2

64.2

64.4o

Paraguay

Nationwide total

60.8

61.7

62.9

60.5

60.7

64.3

62.6

61.6

61.6

...

...

Peru

Metropolitan Lima

68.9

68.1

68.4

70.0

70.0

69.1

68.9

68.4

68.3

68.0

68.3

Trinidad and Tobago

Nationwide total

63.5

63.5

62.7

62.1

61.3

61.8

61.3

61.9

60.6

60.8

60.1p

Uruguay

Nationwide total

62.5

62.7

63.4

62.9

64.8

64.0

63.6

64.7

63.8

63.6

63.4

Venezuela (Bolivarian Republic of)

Nationwide total

64.9

64.9

65.1

64.6

64.4

63.9

64.3

65.1

63.7

64.4

62.9q

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a The figures in the last two columns refer to the period January-September.

b The regional series are weighted averages of national data (excluding the Belize and Nicaragua) and include adjustments for lack of information and changes in methodology. The data relating to the different countries are not comparable owing to differences in coverage and in the definition of the working-age population.

c The National Institute of Statistics and Censuses (INDEC) of Argentina does not recognize the data for the period 2007-2015 and has them under review. These data are therefore preliminary and will be replaced when new official data are published.

d The figures refer to the average from first to three quarters.

e The figures in the last two columns refer to the mesurement for May.

f The figures in the last two columns refer to the first quarter.

g The figures in the last two columns refer to the mesurement for April.

h New measurements have been used since 2012; the data are not comparable with the previous series.

i Up to 2011, the figures refer to six metropolitan areas.

j New measurements have been used since 2010; the data are not comparable with the previous series.

k New measurements have been used since 2009; the data are not comparable with the previous series.

l Up to 2009, urban areas.

m New measurements have been used since 2011; the data are not comparable with the previous series.

n The figures in the last two columns refer to the measurement for May 2015 and March 2016.

o The figures in the last two columns refer to the measurement for August.

p The figures in the last two columns refer to the measurement for March.

q The figures in the last two columns refer to the average January-April

Table A1.19

Latin America and the Caribbean: open urban unemploymenta

(Average annual rates)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016b

Latin America and the Caribbeanc

8.6

8.0

9.2

8.6

7.8

7.4

7.2

7.0

7.4

9.0

Argentinad

Urban areas

8.5

7.9

8.7

7.7

7.2

7.2

7.1

7.3

6.5e

8.9

f

Bahamasg

Nationwide total

7.9

8.7

14.2

...

15.9

14.4

15.8

14.8

13.4

12.7

h

Guatemalag

Nationwide total

7.4

8.1

10.0

10.8

11.2

11.6

11.6

12.3

11.9

9.3

i

Belizeg

Nationwide total

8.5

8.2

13.1

12.5

...

15.3

13.2

11.6

10.1

8.0

j

Bolivia (Plurinational State of)

Urban total

7.7

6.7

6.8

...

3.8

3.2

4.0

3.5

4.4

...

Brazilk

Twenty metropolitan areasl

9.3

7.9

8.1

6.7

6.0 |

8.2

8.0

7.8

9.3

12.9

Chilem

Nationwide total

7.1

7.8

9.7 |

8.2

7.1

6.4

5.9

6.4

6.2

6.5

Colombiag

Municipal capitals

12.2

12.1

13.2

12.7

11.8

11.4

10.7

10.0

9.8

10.3

Colombian

Municipal capitals

11.2

11.4

12.4

12.0

11.1

10.8

10.0

9.4

9.2

9.7

Costa Ricao

Urban total

4.8

4.8 |

8.5

7.1

7.7 |

9.8

9.1

9.5

9.7

9.7

p

Cuba

Nationwide total

1.8

1.6

1.7

2.5

3.2

3.5

3.3

2.7

2.4

...

Dominican Republic

Nationwide total

5.1

4.7

5.3

5.0

5.8

6.5

7.1

6.4

5.9

5.7

j

Ecuadorg

Urban total

7.4

6.9

8.5

7.6

6.0

4.9

4.7

5.1

5.4

6.7

Ecuadorn

Urban total

5.5

5.4

6.9

6.1

5.0

4.2

4.0

4.3

4.7

6.0

El Salvador

Urban total

5.8

5.5

7.1

6.8

6.6

6.2

5.6

6.7

6.8

...

Guatemalaq

Urban total

...

...

...

4.8 |

3.1

4.0

3.8

4.0

3.2

4.0

r

Honduras

Urban total

4.0

4.1

4.9

6.4

6.8

5.6

6.0

7.5

8.8

...

Jamaicag

Nationwide total

9.8

10.6

11.4 |

12.4

12.6

13.9

15.2

13.7

13.5

13.3

p

Jamaical

Nationwide total

6.0

6.9

7.5 |

8.0

8.4

9.3

10.3

9.4

9.5

9.1

p

Mexico

Urban total

4.0

4.3

5.9

5.9

5.6

5.4

5.4

5.3

4.7

4.3

Nicaragua

Urban total

7.3

8.0

10.5

10.1

6.5

7.6

...

...

...

...

Panamag

Urban total

7.8

6.5

7.9

7.7

5.4

4.8

4.7

5.4

5.8

6.4

s

Panaman

Urban total

5.8

5.0

6.3

5.8

3.6

3.6

3.7

4.1

4.5

5.2

s

Paraguay

Asuncion and urban areas of Central Departmentt

7.2

7.4

8.2

7.4

6.9

7.9

7.7

7.8

6.5

8.3

u

Peru

Metropolitan Lima

8.4

8.4

8.4

7.9

7.7

6.8

5.9

5.9

6.5

6.7

Trinidad and Tobagog

Nationwide total

5.6

4.6

5.3

5.9

5.1

5.0

3.6

3.3

3.5

3.8

r

Uruguay

Urban total

9.8

8.3

8.2

7.5

6.6

6.7

6.7

6.9

7.8

8.3

Venezuela (Bolivarian Republic of)g

Nationwide total

8.4

7.3

7.9

8.7

8.3

8.1

7.8

7.2

7.0

7.5

v

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of household surveys.

a Unemployed population as a percentage of the economically active population.

b Estimate based on data from January to September.

c Weighted average adjusted for lack of information and differences and changes in methodology. The data relating to the different countries are not comparable owing to differences in coverage and in the definition of the working age population.

d The National Institute of Statistics and Censuses (INDEC) of Argentina does not recognize the data for the period 2007-2015 and has them under review. These data are therefore preliminary and will be replaced when new official data are published.

e The figure refers to average from first to three quarters.

f The figure refer to the average for second and the three quarters.

g Includes hidden unemployement.

h Figures as of May.

i Figures as of first semester.

j Figures as of April.

k New measurements have been used since 2012; the data are not comparable with the previous series.

l Up to 2011, the figures refer to six metropolitan areas.

m New measurements have been used since 2010; the data are not comparable with the previous series.

n Includes an adjustment to the figures for the economically active population to exclude hidden unemployment.

o New measurements have been used since 2009; the data are not comparable with the previous series.

p January-September average.

q Owing to methodological changes, as of 2011 the data are not comparable with the previous series.

r Figures as of March.

s Figures as of August.

t Up to 2009, urban total.

u Figures as of first semester.

v January-April average.

Table A1.20

Latin America and the Caribbean: employment ratea

(Average annual rates)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2015

2016b

January to September

Latin America and the Caribbeanc

57.3

57.5

57.2

57.2

57.4

57.6

57.6

57.6

57.4

...

...

Argentinac

Urban areas

54.5

54.2

54.2

54.4

55.2

55.0

54.7

54.0

53.9d

...

...

Bahamas

Nationwide total

70.2

69.7

63.0

...

60.6

64.1

61.6

62.8

64.3

64.2

67.1e

Barbados

Nationwide total

62.7

62.1

60.3

59.4

60.0

58.5

58.9

56.0

57.7

57.5

59.2f

Belize

Nationwide total

56.0

54.3

...

...

...

55.7

55.7

56.3

56.8

56.6

58.7g

Bolivia (Plurinational State of)

Nationwide total

61.4

63.1

63.0

...

64.1

59.8

61.6

64.4

...

...

...

Brazilh

Nationwide totali

51.6

52.5

52.1

53.2

53.7 |

56.9

56.9

56.8

56.1

56.1

54.4

Chilej

Nationwide total

51.0

51.7

50.5 |

53.7

55.5

55.7

56.0

56.0

56.0

55.8

55.5

Colombiae

Nationwide total

51.8

51.9

53.9

55.4

56.8

57.9

58.0

58.4

59.0

58.4

58.0

Costa Ricah k

Nationwide total

54.4

53.9 |

55.4

54.8

56.0 |

56.2

56.4

56.6

55.4

55.7

52.3

Cubal

Nationwide total

72.4

73.6

74.2

73.0

73.6

71.6

70.5

70.0

67.5

...

...

Dominican Republic

Nationwide total

54.2

54.7

52.3

53.6

54.5

55.2

54.6

55.4

55.8

55.4

56.4g

Ecuador

Nationwide totalm

64.3

63.1

60.7 |

60.1

59.6

60.4

60.3

60.4

63.3

63.5

64.8

El Salvador

Nationwide total

58.1

59.0

59.2

58.1

58.6

59.4

59.9

58.4

57.8

...

...

Guatemalal

Nationwide total

58.6

...

...

... |

59.2

63.5

58.7

59.1

59.2

58.9

59.6n

Honduras

Nationwide total

49.2

49.4

51.5

51.5

49.7

48.9

51.6

53.1

54.0

...

...

Jamaica

Nationwide total

58.6

58.5

56.3 |

54.6

54.4

53.3

53.4

54.2

54.6

54.5

56.2

Mexico

Nationwide total

56.7

56.3

55.4

55.3

55.5

56.3

56.2

56.9

57.2

57.0

57.3

Nicaraguak

Nationwide total

48.6

50.1 |

61.3

65.6

71.2

72.3

71.5

69.1

...

...

...

Panama

Nationwide total

58.7

60.3

59.9

59.4

59.1

60.8

61.5

60.9

60.9

60.9

60.8o

Paraguay

Nationwide total

57.4

57.0

57.1

57.1

57.3

61.2

59.4

57.9

58.3

...

...

Peru

Metropolitan Lima

63.0

62.4

62.7

64.5

64.5

64.4

64.8

64.3

63.8

63.4

63.6

Trinidad and Tobago

Nationwide total

59.9

60.6

59.4

58.4

58.2

58.8

59.1

59.9

58.9

58.6

57.8p

Uruguay

Nationwide total

56.7

57.7

58.5

58.4

60.7

59.9

59.5

60.4

59.0

58.9

58.4

Venezuela (Bolivarian Republic of)

Nationwide total

59.5

60.2

60.0

59.0

59.0

58.7

59.3

60.4

59.2

59.8

58.2q

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Employed population as a percentage of the working-age population.

b The regional series are weighted averages of national data (excluding Belize and Nicaragua) and include adjustement for lack of information and changes in methology. These data are therefore preliminary and will be replaced when new official data are published. The data relating to the different countries are not comparable owing to differences in coverage and in the definition of the working age population.

c The National Institute of Statistics and Censuses (INDEC) of Argentina does not recognize the data for the period 2007-2015 and has them under review. These data are therefore preliminary and will be replaced when new official data are published.

d The figure refers to average from first to three quarters.

e The figures in the last two columns correspond to the mesurement for May.

f The figure in the last two columns refer to the first quarter

g The figures in the last two columns correspond to the mesurement for April.

h New measurements have been used since 2012; the data are not comparable with the previous series.

i Up to 2011, the figures refer to six metropolitan areas.

j New measurements have been used since 2010; the data are not comparable with the previous series.

k New measurements have been used since 2009; the data are not comparable with the previous series.

l Owing to methodological changes, as of 2011 the data are not comparable with the previous series.

m Up to 2009, urban total.

n The figures in the last two columns refer to the measurement for May 2015 and March 2016.

o The figures in the last two columns correspond to the mesurement for August.

p The figures in the last two columns correspond to the mesurement for March.

q The figures in the last two columns correspond to the January-April average.

Table A1.21

Latin America: real average wagesa

(Index 2010=100)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016b

Bolivia (Plurinational State of)c

102.2

94.4

96.5

100.0

98.2

99.3

100.3

101.8

108.6

...

Brazild

94.3

96.3

98.5

100.0

101.4

104.9

107.1

108.8

105.3

103.8

Chilee

93.6

93.4

97.9

100.0

102.5

105.8

109.9

111.9

113.9

115.4

Colombiaf

97.6

96.1

97.3

100.0

100.3

101.3

104.0

104.5

105.4

103.8

Costa Ricag

92.8

90.9

97.9

100.0

105.7

107.1

108.5

110.7

115.2

119.7

Cuba

95.8

95.3

99.7

100.0

100.2

100.7

101.2

124.0

143.1

...

El Salvadorh

98.7

95.6

98.9

100.0

97.1

97.3

97.8

98.5

106.3

...

Guatemalag

99.7

97.1

97.2

100.0

100.4

104.4

104.3

106.8

110.4

…

Mexicog

101.7

101.9

100.9

100.0

100.8

101.0

100.9

101.3

102.8

103.8

Nicaraguag

97.2

93.3

98.8

100.0

100.1

100.5

100.7

102.4

105.2

106.4

Panama

94.7

90.9

93.3

100.0

100.1

103.5

103.8

109.5

113.1

118.0i

Paraguay

95.7

95.0

99.4

100.0

102.8

103.5

105.7

107.0

107.5

...

Peruj

97.9

100.0

103.1

100.0

108.4

111.0

114.7

117.9

117.5

119.5

Uruguay

87.1

90.2

96.8

100.0

104.0

108.4

111.7

115.4

117.3

118.9

Venezuela (Bolivarian Republic of)

117.4

112.1

105.6

100.0

103.0

109.1

104.3

...

...

...

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Figures deflated by the official consumer price index of each country.

b Estimate based on data from January to September.

c Private-sector average wage index.

d Private-sector workers covered by social and labour legislation.

e General index of hourly remuneration.

f Manufacturing.

g Average wage declared by workers registered with and paying into social security.

h Average taxable wage.

i Estimate based on interannual grwoth of average for January-June.

j Payroll workers in the Lima metropolitan area. Until 2010, formal private sector workers in the Lima metropolitan area.

Table A1.22

Latin America and the Caribbean: monetary indicators

(Percentage variation with respect to the year-earlier period)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016a

Latin America

Argentina

Monetary base

29.0

19.1

5.4

25.1

37.1

34.9

30.2

19.7

33.2

28.0

Money (M1)

23.4

16.7

13.0

24.1

32.4

33.3

29.5

26.1

31.6

22.2

b

M2

24.5

18.1

5.9

27.6

36.9

32.4

30.9

23.1

33.2

25.3

b

Foreign-currency deposits

27.8

36.4

61.6

35.9

8.7

-22.6

-6.1

51.7

38.5

141.8

b

Bolivia (Plurinational State of)

Monetary base

48.2

53.8

19.6

32.4

11.6

18.2

10.8

9.5

19.2

9.7

c

Money (M1)

55.2

50.2

9.4

24.1

27.2

18.3

13.5

15.4

9.4

10.6

c

M2

68.1

59.6

18.4

34.6

34.0

31.3

22.6

18.8

18.4

15.3

c

Foreign-currency deposits

11.2

-9.2

20.4

4.7

-12.8

-5.0

-4.1

-3.4

3.7

0.4

c

Brazil

Monetary base

20.9

12.5

8.0

17.5

11.0

9.4

5.5

7.2

3.0

3.1

Money (M1)

23.3

11.8

7.4

17.5

6.1

5.9

10.7

4.7

-1.6

-1.7

M2

14.1

30.3

22.1

11.1

21.0

13.4

9.3

11.7

6.8

5.2

Chile

Monetary base

20.8

7.0

15.0

13.8

14.8

13.7

16.3

5.3

9.6

10.1

Money (M1)

17.9

11.1

14.1

27.7

10.9

9.1

10.1

12.1

14.3

7.9

M2

20.3

17.7

3.7

5.1

14.7

14.7

9.7

8.7

11.1

10.5

Foreign-currency deposits

11.6

40.7

2.6

8.5

11.8

8.9

18.7

29.0

18.7

8.6

Colombia

Monetary base

18.1

14.3

10.3

12.4

15.1

9.5

12.5

16.7

15.0

12.4

Money (M1)

13.5

8.0

9.7

14.7

16.2

6.7

14.3

14.8

10.4

5.5

M2

18.7

14.6

13.2

6.9

14.8

16.9

17.5

12.9

10.1

11.6

Costa Rica

Monetary base

25.4

25.7

6.3

10.0

11.7

12.1

14.1

11.7

11.1

10.9

Money (M1)

41.1

21.7

-3.4

9.5

19.2

9.4

11.9

13.0

9.3

20.4

M2

34.9

22.9

1.3

2.6

11.1

13.8

13.0

14.4

9.4

4.2

Foreign-currency deposits

7.2

10.7

36.8

-1.9

-7.1

-1.2

0.1

13.0

1.8

2.0

Dominican Republic

Monetary base

18.4

12.3

3.4

6.4

5.8

9.0

3.9

3.3

22.1

9.5

Money (M1)

26.6

11.0

-1.1

17.5

4.9

7.3

12.1

13.6

12.9

14.2

M2

14.2

10.9

7.6

13.5

8.8

12.1

8.0

11.2

10.7

12.6

Foreign-currency deposits

10.7

15.0

4.4

18.9

17.8

18.4

16.1

11.5

11.9

9.6

Ecuador

Monetary base

...

16.4

18.1

24.1

9.9

16.1

23.3

17.5

10.1

21.9

b

Money (M1)

...

44.5

38.0

16.1

15.5

14.0

14.8

14.4

10.6

8.2

b

M2

...

33.0

22.0

18.6

20.0

17.8

13.4

14.5

6.7

3.3

b

El Salvador

Monetary base

13.9

8.1

10.8

0.4

-1.3

1.8

4.8

2.8

1.2

3.1

Money (M1)

12.2

8.5

7.6

19.8

10.4

4.4

2.9

4.0

4.9

5.9

b

M2

15.0

6.1

0.9

1.6

-2.1

0.5

1.8

0.8

3.7

6.1

b

Guatemala

Monetary base

17.3

4.1

6.6

8.0

10.1

5.8

9.2

5.8

12.1

9.0

Money (M1)

17.6

3.4

7.6

7.2

9.1

5.8

7.0

5.2

11.9

6.0

M2

11.7

7.3

9.4

8.4

10.6

9.4

9.7

8.1

11.5

8.0

Foreign-currency deposits

4.2

9.9

18.1

11.6

4.9

3.2

11.2

9.4

6.0

4.3

Haiti

Monetary base

11.3

16.1

14.2

34.1

18.1

9.2

0.4

-1.0

15.4

29.8

d

Money (M1)

3.5

21.4

9.2

26.9

14.4

8.7

11.1

8.7

12.7

2.3

d

M2

5.3

13.7

6.9

17.4

11.5

5.7

9.4

8.4

11.9

8.1

d

Foreign-currency deposits

3.2

22.1

14.4

22.5

18.4

6.9

8.2

8.5

18.5

31.9

d

Honduras

Monetary base

31.3

24.8

11.6

-13.8

10.7

11.3

4.0

9.7

16.6

12.4

b

Money (M1)

18.4

11.5

2.2

5.2

17.7

2.1

-5.0

8.4

19.0

9.8

b

M2

19.4

9.2

0.8

4.7

17.2

8.7

3.6

8.9

12.8

10.0

b

Foreign-currency deposits

10.5

20.3

-1.0

5.4

7.8

15.3

12.6

7.3

11.2

5.7

b

Mexico

Monetary base

12.6

12.6

15.9

9.7

9.5

13.9

6.3

13.5

20.1

16.0

Money (M1)

11.6

8.5

11.8

11.2

16.2

13.7

7.5

13.9

16.1

11.8

M2

7.5

13.9

11.5

5.8

12.4

10.7

7.1

11.0

13.5

9.8

Foreign-currency deposits

-6.4

2.8

20.7

0.9

3.0

16.8

13.3

26.6

40.0

26.3

Nicaragua

Monetary base

18.3

15.2

0.7

24.0

20.5

18.3

6.3

12.9

17.4

13.0

Money (M1)

18.2

32.9

4.4

21.4

24.8

17.6

8.5

16.5

21.0

10.3

b

M2

18.2

32.9

4.4

21.4

24.8

17.6

8.5

16.5

21.0

10.3

b

Foreign-currency deposits

8.0

10.2

5.3

25.8

7.8

21.2

13.6

20.4

16.3

15.8

b

Panama

Monetary base

9.6

17.7

11.2

7.5

27.1

12.7

16.0

-1.2

28.5

11.0

b

Money (M1)

29.2

26.5

17.4

19.2

21.5

17.1

6.9

13.6

0.9

0.1

b

M2

22.4

17.1

9.2

11.3

9.9

10.8

6.3

12.4

5.6

6.1

b

Paraguay

Monetary base

31.2

27.6

30.7

5.2

5.0

11.8

5.1

8.3

11.3

1.9

Money (M1)

34.4

30.5

6.6

28.7

7.8

8.6

15.6

9.6

11.6

1.5

M2

34.2

38.4

13.3

26.4

14.0

13.7

17.4

10.6

11.2

2.7

Depósitos en moneda extranjera

9.3

21.1

40.1

16.4

13.5

14.9

15.8

29.3

22.3

17.7

Peru

Monetary base

25.2

38.2

2.1

24.2

31.3

31.2

21.1

-8.6

-0.9

1.9

b

Money (M1)

30.6

31.3

8.8

28.0

19.7

18.7

14.3

4.9

5.1

4.4

M2

37.7

48.5

-2.2

27.8

18.7

23.2

18.4

2.5

2.9

9.0

Foreign-currency deposits

7.9

11.2

23.1

-0.1

13.8

0.4

16.3

21.4

17.3

11.8

Uruguay

Monetary base

28.9

28.6

6.1

12.9

23.1

21.8

15.3

11.0

11.5

13.2

Money (M1)

23.0

22.4

13.1

24.6

19.6

18.4

11.7

6.1

7.1

1.1

M2

22.5

26.1

11.3

25.8

26.0

17.4

12.4

8.7

9.4

10.3

Foreign-currency deposits

2.2

3.1

24.1

2.3

10.7

19.6

14.8

25.8

26.6

23.5

Venezuela (Bolivarian Republic of)

Monetary base

65.5

39.5

18.3

24.5

27.0

40.8

61.1

86.5

95.2

110.9

Money (M1)

66.8

24.3

28.8

27.5

44.8

62.0

66.1

69.5

85.1

100.5

b

M2

60.2

16.9

28.3

18.0

37.6

57.5

65.4

69.1

84.9

100.9

b

The Caribbean

Antigua and Barbuda

Monetary base

10.0

2.0

-10.5

0.9

20.1

29.4

13.2

20.0

14.4

13.2

b

Money (M1)

16.4

6.7

-14.2

-7.3

-6.6

-2.1

3.1

11.5

4.4

11.8

b

M2

11.3

7.6

-2.9

-3.1

-1.1

1.7

2.8

3.5

2.5

-0.5

b

Foreign-currency deposits

32.0

-0.5

39.9

-45.2

5.8

-12.8

0.9

20.0

17.0

25.7

b

Bahamas

Monetary base

17.2

6.4

2.0

2.5

26.8

-7.8

2.2

13.8

-1.8

15.0

d

Money (M1)

1.5

0.3

-0.2

2.8

6.2

8.6

5.6

8.4

18.7

3.8

d

M2

8.5

6.5

2.8

2.8

2.3

1.1

-0.6

0.1

1.5

1.3

d

Foreign-currency deposits

17.7

15.9

8.4

0.1

-2.7

11.6

15.8

-1.5

-19.9

-12.8

d

Barbados

Monetary base

26.8

9.2

-13.9

3.4

7.7

-0.9

10.6

5.8

31.5

22.1

c

Money (M1)

11.9

7.7

-5.3

1.7

-0.5

-20.3

5.5

9.4

14.1

18.2

d

M2

11.7

9.3

-1.0

-0.8

0.3

-5.7

3.5

1.5

3.4

5.2

d

Belize

Monetary base

15.1

11.5

11.9

-1.2

8.2

17.5

19.2

18.8

24.6

18.4

b

Money (M1)

17.0

9.2

-1.9

-0.9

9.1

24.0

13.7

14.0

14.6

15.1

c

Dominica

Monetary base

6.5

-0.1

-4.6

9.7

8.5

17.8

-0.0

15.0

19.1

27.3

b

Money (M1)

10.1

4.4

-1.3

-1.5

-2.1

9.8

2.5

2.2

7.8

17.5

b

M2

10.5

8.2

7.5

3.8

3.2

7.0

4.5

6.5

4.3

6.0

b

Foreign-currency deposits

-0.6

19.0

15.9

30.2

38.8

25.4

-6.1

13.5

1.3

-8.9

b

Grenada

Monetary base

9.2

3.5

-8.5

6.0

7.2

4.7

5.4

21.1

6.1

5.0

b

Money (M1)

7.1

3.1

-12.9

3.8

-7.3

2.9

5.4

24.1

20.6

12.8

b

M2

5.2

8.1

1.0

3.4

0.4

1.8

3.0

5.2

3.7

2.0

b

Foreign-currency deposits

26.0

2.7

17.4

-3.9

-5.5

5.5

-18.8

7.8

17.4

45.7

b

Guyana

Monetary base

0.8

16.5

10.6

17.7

17.4

15.2

6.6

2.5

14.3

13.4

b

Money (M1)

20.5

18.6

8.2

12.9

21.9

16.1

6.7

10.1

7.9

5.5

b

Jamaica

Monetary base

15.1

9.5

22.8

5.5

5.3

6.3

6.3

5.9

9.9

15.7

Money (M1)

18.8

9.1

7.6

7.0

7.8

4.7

5.9

5.0

15.7

18.0

c

M2

14.3

7.9

4.4

6.1

5.6

3.3

6.4

2.6

9.9

13.1

c

Foreign-currency deposits

18.2

10.9

17.5

-0.9

-4.8

6.8

28.5

9.2

15.6

21.5

c

Saint Kitts and Nevis

Monetary base

15.7

7.3

48.3

-3.2

36.1

13.7

22.2

10.5

-14.5

16.7

b

Money (M1)

17.4

7.2

9.2

16.8

28.6

18.2

12.3

1.6

10.8

2.3

b

M2

11.9

10.3

10.2

9.4

10.7

8.8

6.4

6.4

5.9

1.9

b

Foreign-currency deposits

16.4

-9.2

-7.0

-9.0

-1.0

6.4

35.6

46.4

16.3

-6.5

b

Saint Lucia

Monetary base

14.4

10.2

8.5

3.6

16.3

4.2

8.0

8.0

25.2

4.8

b

Money (M1)

5.0

7.1

-2.4

-4.3

4.0

3.2

2.2

7.1

3.0

3.6

b

M2

11.3

10.7

4.1

0.2

4.9

3.7

3.5

-1.0

1.6

2.6

b

Foreign-currency deposits

47.8

8.9

9.3

-13.2

16.4

14.0

-10.1

45.0

20.1

18.6

b

Saint Vincent and the Grenadines

Monetary base

4.5

2.0

-3.2

11.9

0.8

11.8

26.2

16.9

8.3

17.2

b

Money (M1)

6.8

-1.4

-8.3

-0.5

-3.9

-0.4

9.6

5.8

8.6

8.6

b

M2

9.5

1.9

0.8

2.2

1.9

1.2

8.6

8.1

5.6

4.4

b

Foreign-currency deposits

102.1

1.5

-6.5

-7.7

30.8

-7.3

29.2

15.6

17.6

13.2

b

Suriname

Monetary base

39.7

30.2

22.1

13.0

3.2

27.0

13.8

-7.2

-6.2

34.3

Money (M1)

26.7

21.3

26.3

16.7

5.3

17.0

11.3

5.4

-5.1

16.1

b

M2

30.2

21.0

25.1

18.2

7.0

20.0

17.7

8.1

-2.8

11.5

b

Foreign-currency deposits

25.7

24.3

12.0

7.9

39.1

13.6

10.8

11.4

9.9

77.3

b

Trinidad and Tobago

Monetary base

19.0

32.3

37.6

24.7

14.1

15.4

19.5

8.0

-7.9

-7.7

c

Money (M1)

7.6

17.6

24.0

25.5

17.2

15.4

19.2

19.8

0.0

0.8

c

M2

13.3

17.2

17.6

17.9

8.4

12.0

11.8

11.6

3.8

3.0

c

Foreign-currency deposits

36.4

21.1

32.2

7.9

-4.0

4.7

12.6

-5.6

0.8

...

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Figures as of September.

b Figures as of August.

c Figures as of July.

d Figures as of June.

Table A1.23

Latin America and the Caribbean: domestic credit

(Percentage variation with respect to the year-earlier period)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016a

Latin America

Argentina

1.7

23.9

2.3

51.3

59.5

33.0

40.8

24.7

36.2

27.8

b

Bolivia (Plurinational State of)

6.5

7.5

10.9

13.0

18.8

22.7

21.6

17.6

16.7

18.8

c

Brazil

20.1

15.8

11.3

18.0

17.6

16.8

11.9

9.5

9.0

9.8

b

Chile

15.6

18.4

6.6

-0.1

12.1

15.1

9.3

7.6

8.4

9.9

d

Colombia

15.4

15.7

14.4

25.9

19.0

15.7

13.8

12.2

16.6

9.7

e

Costa Rica

22.1

21.1

19.1

4.6

12.4

11.7

9.2

19.9

15.5

13.6

Dominican Republic

10.7

17.4

12.3

7.5

9.5

12.1

12.4

11.6

14.9

15.4

Ecuador

18.2

1.7

20.8

33.6

31.5

21.5

16.7

16.2

10.1

2.2

b

El Salvador

12.4

11.3

2.4

2.2

3.5

9.6

5.5

9.5

7.3

8.7

Guatemala

13.8

10.4

5.2

5.6

15.2

11.3

12.6

12.0

12.0

6.8

Haiti

0.3

7.8

9.7

-23.0

-17.1

11.4

70.0

30.4

18.2

10.7

e

Honduras

49.0

27.1

6.7

10.0

10.8

18.0

9.6

6.8

7.9

5.0

Mexico

21.6

8.7

16.7

10.6

11.3

10.7

9.4

9.8

12.3

13.7

e

Nicaragua

11.4

16.7

-1.2

-4.6

-6.2

21.6

21.4

11.3

13.4

13.4

Panama

10.7

15.9

1.2

9.5

18.8

18.1

12.9

15.4

6.4

10.5

Paraguay

11.0

33.5

12.7

36.3

25.5

28.4

20.8

12.0

26.0

9.4

Peru

38.0

9.4

9.9

24.1

12.0

9.6

6.6

18.6

14.2

12.5

Uruguay

…

…

…

3.9

24.7

19.4

16.5

18.6

12.9

41.1

b

Venezuela (Bolivarian Republic of)f

51.6

22.0

28.4

13.7

36.0

56.1

61.9

63.8

74.5

92.0

b

The Caribbean

Antigua and Barbuda

17.3

12.5

19.9

0.6

-3.8

-3.0

-4.9

-0.4

-5.9

-13.9

b

Bahamas

4.8

7.5

5.3

3.4

0.8

4.0

1.9

-0.0

0.7

0.8

e

Barbados

8.2

10.1

6.4

-0.5

-0.9

6.6

8.0

2.3

3.2

9.2

g

Belize

13.7

8.9

5.7

-0.4

-1.6

0.4

-2.6

-0.6

8.9

22.2

b

Dominica

-9.3

5.0

8.5

12.5

13.7

7.6

7.7

1.7

-1.8

-20.7

b

Grenada

15.4

13.1

8.9

3.9

2.6

5.0

-2.1

-9.0

-10.2

-11.9

b

Guyana

28.9

15.8

4.5

-0.8

34.5

40.1

26.3

16.0

11.3

13.8

b

Jamaica

12.4

16.3

15.0

-3.4

-4.1

11.7

16.0

14.2

-2.2

1.7

d

Saint Kitts and Nevis

9.9

3.0

6.2

6.3

0.2

-9.0

-20.9

-18.7

-2.3

-3.5

b

Saint Lucia

29.6

21.1

4.6

-0.3

2.9

6.6

5.4

-3.1

-12.2

-6.2

b

Saint Vincent and the Grenadines

16.5

9.5

7.1

1.5

-7.2

-1.0

6.4

3.5

5.4

1.3

b

Suriname

20.7

18.5

16.9

21.4

20.8

10.3

23.5

21.5

23.5

43.1

b

Trinidad and Tobago

90.1

6.5

35.5

36.6

9.3

7.9

-20.4

-23.8

3.2

35.1

b

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Figures as of September.

b Figures as of August.

c Figures as of March.

d Figures as of July.

e Figures as of June.

f Credit granted by the commercial and universal banks.

g Figures as of May.

Table A1.24

Latin America and the Caribbean: monetary policy rates

(Average rates)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

a

Latin America

Argentina

9.1

11.3

14.0

12.3

11.8

12.8

14.6

26.7

27.0

29.7

b

Bolivia (Plurinational State of)

6.0

9.0

7.0

3.0

4.0

4.0

4.1

5.1

2.7

2.5

b

Brazil

12.0

12.4

10.1

9.9

11.8

8.5

8.4

11.0

13.6

14.2

Chile

5.3

7.2

1.8

1.5

4.8

5.0

4.9

3.7

3.1

3.5

Colombia

8.8

9.8

5.8

3.2

4.0

4.9

3.4

3.9

4.7

7.0

Costa Rica

6.0

8.0

9.6

8.1

5.6

5.0

4.4

4.9

3.5

1.8

Dominican Republic

7.3

9.0

5.1

4.2

6.4

5.8

5.3

6.3

5.4

5.1

Guatemala

5.5

6.9

5.5

4.5

4.9

5.2

5.1

4.6

3.3

3.0

b

Haiti

11.6

6.9

6.2

5.0

3.2

3.0

3.0

4.8

12.3

15.0

b

Honduras

6.3

8.4

4.9

4.5

4.8

6.6

7.0

7.0

6.5

5.8

b

Mexico

7.2

7.9

5.4

4.5

4.5

4.5

3.9

3.2

3.0

4.1

Paraguay

6.0

5.9

2.1

2.2

7.9

6.0

5.5

6.7

6.1

5.8

Peru

4.7

5.9

3.3

2.1

4.0

4.3

4.2

3.8

3.4

4.2

Uruguayc

...

7.4

8.5

6.3

7.5

8.8

9.3

...

...

...

Venezuela (Bolivarian Republic of)

9.8

12.3

8.1

6.3

6.4

6.4

6.2

6.4

6.2

6.5

d

The Caribbean

Antigua and Barbuda

6.5

6.5

6.5

6.5

6.5

6.5

6.5

6.5

6.5

6.5

b

Bahamas

5.3

5.3

5.3

5.3

4.8

4.5

4.5

4.5

4.5

4.5

b

Barbados

12.0

11.8

7.9

7.0

7.0

7.0

7.0

7.0

7.0

7.0

b

Belize

18.0

18.0

18.0

18.0

11.0

11.0

11.0

11.0

11.0

11.0

b

Dominica

6.5

6.5

6.5

6.5

6.5

6.5

6.5

6.5

6.5

6.5

b

Grenada

6.5

6.5

6.5

6.5

6.5

6.5

6.5

6.5

6.5

6.5

b

Guyana

6.5

6.6

6.9

6.4

5.4

5.4

5.0

5.0

5.0

5.0

b

Jamaica

11.7

14.1

14.8

9.0

6.6

6.3

5.8

5.8

5.5

5.2

d

Saint Kitts and Nevis

6.5

6.5

6.5

6.5

6.5

6.5

6.5

6.5

6.5

6.5

b

Saint Lucia

6.5

6.5

6.5

6.5

6.5

6.5

6.5

6.5

6.5

6.5

b

Saint Vincent and the Grenadines

6.5

6.5

6.5

6.5

6.5

6.5

6.5

6.5

6.5

6.5

b

Trinidad and Tobago

8.0

8.4

7.5

4.7

3.2

2.9

2.8

2.8

4.1

4.8

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Figures as of November.

b Figures as of October.

c As of June 2013, the interest rate was no longer used as an instrument of monetary policy.

d Figures as of August.

Table A1.25

Latin America and the Caribbean: representative lending rates

(Average rates)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016a

Latin America

Argentinab

14.0

19.8

21.3

15.2

17.7

19.3

21.6

29.3

28.2

34.4

Bolivia (Plurinational State of)c

8.3

8.9

8.5

5.2

6.3

6.7

7.0

6.5

6.4

6.2

Brazild

51.0

54.1

47.5

42.9

44.7

39.6

38.8

44.6

49.1

53.1

Chilee

13.6

15.2

12.9

11.8

12.4

13.5

13.2

10.8

9.3

10.3

Colombiaf

17.9

19.6

15.6

12.4

12.8

13.7

12.2

12.1

12.1

14.7

Costa Ricag

17.3

16.7

21.6

19.8

18.1

19.7

17.4

16.6

15.9

14.7

Dominican Republich

...

...

...

...

...

15.5

13.6

13.9

14.9

15.1

Ecuadori

10.1

9.8

9.2

9.0

8.3

8.2

8.2

8.1

8.3

8.8

El Salvadorj

7.8

7.9

9.3

7.6

6.0

5.6

5.7

6.0

6.2

6.3

Guatemalag

12.8

13.4

13.8

13.3

13.4

13.5

13.6

13.8

13.2

13.1

Haitik

31.2

23.3

21.6

20.7

19.8

19.4

18.9

18.6

18.8

19.8

Hondurasg

16.6

17.9

19.4

18.9

18.6

18.4

20.1

20.6

20.7

19.5

l

Mexicom

...

...

...

...

29.9

28.6

27.9

28.6

28.5

26.4

n

Nicaraguao

13.0

13.2

14.0

13.3

10.8

12.0

15.0

13.5

12.0

11.5

Panamap

8.3

8.2

8.3

7.9

7.3

7.0

7.4

7.6

7.6

7.6

l

Paraguayq

12.8

13.5

14.6

12.5

16.9

16.6

16.6

15.7

14.4

15.9

l

Perur

22.9

23.7

21.0

19.0

18.7

19.2

18.1

15.7

16.1

16.3

Uruguays

10.0

13.1

16.6

12.0

11.0

12.0

13.3

17.2

17.0

17.8

Venezuela (Bolivarian Republic of)t

16.7

22.8

20.6

18.0

17.4

16.2

15.6

17.2

20.0

21.3

The Caribbean

Antigua and Barbudah

10.3

10.1

9.5

10.2

10.1

9.4

9.4

9.6

8.7

9.2

l

Bahamasu

10.6

11.0

10.6

11.0

11.0

10.9

11.2

11.8

12.3

12.4

l

Barbadosh

9.6

9.3

8.8

8.3

8.1

7.2

7.0

7.0

6.9

6.7

l

Belizev

14.3

14.1

14.1

13.9

13.3

12.3

11.5

10.9

10.3

9.9

l

Dominicah

9.2

9.4

10.0

9.4

8.7

8.9

9.0

8.8

8.6

8.3

l

Grenadah

9.7

9.4

10.7

10.3

10.4

9.5

9.1

9.1

8.8

8.5

l

Guyanah

14.1

13.9

14.0

15.2

14.7

14.0

12.1

11.1

10.8

10.8

l

Jamaicah

21.6

21.4

21.5

20.4

20.0

18.6

17.7

17.2

17.0

16.6

l

Saint Kitts and Nevish

9.3

8.6

8.6

8.5

9.2

8.5

8.4

8.8

8.5

8.4

l

Saint Luciah

9.7

9.3

9.5

9.5

9.2

8.6

8.4

8.4

8.5

8.2

l

Saint Vincent and the Grenadinesh

9.6

9.5

9.1

9.0

9.0

9.3

9.2

9.3

9.3

9.1

l

Surinamew

13.8

12.0

11.7

11.7

11.8

11.7

12.0

12.3

12.6

13.3

l

Trinidad and Tobagoh

11.8

12.4

12.0

9.5

8.2

8.0

7.8

7.7

8.3

9.1

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Figures as of October.

b Local-currency loans to the non-financial private sector, at fixed or renegotiable rates, signature loans of up to 89 days.

c Nominal local-currency rate for 60-91-day operations.

d Interest rate on total consumer credit.

e Non-adjustable 90-360 day operations.

f Weighted average of consumer, prime, ordinary and treasury lending rates for the working days of the month.

g Weighted average of the system lending rates in local currency.

h Business credit, 30-367 days.

i Effective benchmark lending rate for the corporate commercial segment.

j Basic lending rate for up to one year.

k Average of minimum and maximum lending rates.

l Figures as of September.

m Average interest rate for credit cards from commercial banks and average interest rate for mortgage loans.

n Figures as of August.

o Weighted average of short-term lending rates in local currency.

p Interest rate on one-year trade credit.

q Commercial lending rate, local currency.

r Market lending rate, average for transactions conducted in the last 30 business days.

s Average rate for loan operations for the six major commercial banks.

t Weighted average of lending rates.

u Weighted average of lending and overdraft rates.

v Rate for personal and business loans, residential and other construction loans; weighted average.

w Average of lending rates.

Table A1.26

Latin America and the Caribbean: consumer prices

(12-month percentage variation)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016a

Latin America and the Caribbeanb

6.3

8.3

4.6

6.5

6.8

5.7

7.5

9.4

16.5

...

Latin America and the Caribbeanc

5.6

7.0

3.5

5.4

5.8

4.9

5.0

6.3

7.9

8.4

Latin America

Argentina

8.5

7.2

7.7

10.9

9.5

10.8

10.9

23.9

27.5

42.4

Bolivia (Plurinational State of)

11.7

11.9

0.3

7.2

6.9

4.5

6.5

5.2

3.0

3.5

Brazil

4.5

5.9

4.3

5.9

6.5

5.8

5.9

6.4

10.7

8.5

Chile

7.8

7.1

-1.4

3.0

4.4

1.5

3.0

4.6

4.4

3.1

Colombia

5.7

7.7

2.0

3.2

3.7

2.4

1.9

3.7

6.8

7.3

Costa Rica

10.8

13.9

4.0

5.8

4.7

4.5

3.7

5.1

-0.8

0.4

Cubad

10.6

-0.1

-0.1

1.5

1.3

2.0

0.0

2.1

2.8

-0.8

Dominican Republic

8.9

4.5

5.7

6.3

7.8

3.9

3.9

1.6

2.3

1.4

Ecuador

3.3

8.8

4.3

3.3

5.4

4.2

2.7

3.7

3.4

1.3

El Salvador

4.9

5.5

-0.2

2.1

5.1

0.8

0.8

0.5

1.0

1.0

Guatemala

8.7

9.4

-0.3

5.4

6.2

3.4

4.4

2.9

3.1

4.6

Haiti

9.9

10.1

2.0

6.2

8.3

7.6

3.4

6.4

12.5

12.5

Honduras

8.9

10.8

3.0

6.5

5.6

5.4

4.9

5.8

2.4

2.9

Mexico

3.8

6.5

3.6

4.4

3.8

3.6

4.0

4.1

2.1

3.0

Nicaragua

16.2

12.7

1.8

9.1

8.6

7.1

5.4

6.4

2.9

3.5

Panama

6.4

6.8

1.9

4.9

6.3

4.6

3.7

1.0

0.3

1.2

Paraguay

6.0

7.5

1.9

7.2

4.9

4.0

3.7

4.2

3.1

3.5

Peru

3.9

6.7

0.2

2.1

4.7

2.6

2.9

3.2

4.4

3.1

Uruguay

8.5

9.2

5.9

6.9

8.6

7.5

8.5

8.3

9.4

8.9

Venezuela (Bolivarian Republic of)e

22.5

31.9

25.1

27.2

27.6

20.1

56.2

68.5

180.9

...

The Caribbean

Antigua and Barbuda

5.2

0.7

2.4

2.9

4.0

1.8

1.1

1.3

0.9

-0.5

f

Bahamas

2.8

4.5

1.3

1.4

0.0

0.7

0.8

0.2

2.0

-0.3

f

Barbados

4.7

7.3

4.4

6.5

9.6

2.4

1.1

2.3

-2.5

1.3

g

Belize

4.1

4.4

-0.4

0.0

2.6

0.8

1.6

-0.2

-0.6

0.7

Dominica

6.0

2.0

3.2

0.3

1.9

1.3

-0.4

0.5

-0.5

-0.4

f

Grenada

7.4

5.2

-2.3

4.2

3.5

1.8

-1.7

-0.2

1.1

1.9

f

Guyana

14.1

6.4

3.6

4.5

3.3

3.4

0.9

1.2

-1.8

0.9

Jamaica

16.8

16.9

10.2

11.8

6.0

8.0

9.7

6.2

3.7

1.8

Saint Kitts and Nevis

2.9

6.5

1.2

4.3

2.0

0.5

0.6

-0.5

-2.4

-3.1

f

Saint Lucia

6.8

3.4

-3.1

4.2

4.8

5.0

-0.7

3.7

-2.6

-4.1

f

Saint Vincent and the Grenadines

8.3

8.7

-1.6

0.9

4.7

1.0

0.0

0.1

-2.1

0.9

f

Suriname

8.3

9.4

1.3

10.3

15.3

4.4

0.6

3.9

25.2

77.1

Trinidad and Tobago

7.6

14.5

1.3

13.4

5.3

7.2

5.6

8.5

1.5

3.0

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Twelve-month variation to September 2016.

b Weighted average.

c Weighted average, does not include the Bolivarian Republic of Venezuela.

d Refers to national-currency markets.

e Up to 2008, national consumer price index.

f Twelve-month variation to June 2016.

g Twelve-month variation to May 2016.

Table A1.27

Latin America and the Caribbean: fiscal balances

(Percentages of GDP)

Primary balance

Overall balance

2013

2014

2015

2016a

2013

2014

2015

2016a

Latin America and the Caribbeanb

-0.7

-0.4

-0.3

-0.3

-2.9

-2.7

-2.7

-2.8

Latin Americac

-0.9

-1.0

-0.9

-0.8

-2.6

-2.8

-3.0

-3.0

Argentina

-1.3

-2.3

-1.9

-2.7

-2.5

-4.2

-3.8

-5.0

Bolivia (Plurinational State of)d

2.0

-1.7

-3.6

...

1.4

-2.5

-4.5

...

Brazil

1.5

-0.3

-1.9

-2.8

-2.6

-5.1

-9.2

-7.9

Chile

-0.0

-1.0

-1.5

-2.3

-0.6

-1.6

-2.2

-3.0

Colombia

-0.1

-0.4

-0.8

-0.7

-2.3

-2.4

-3.0

-3.9

Costa Rica

-2.8

-3.1

-3.0

-2.6

-5.4

-5.7

-5.8

-5.5

Cuba

...

...

...

...

1.9

0.6

-0.4

...

Dominican Republic

-0.4

-0.1

0.3

0.2

-2.7

-2.6

-2.4

-2.7

Ecuador

-4.5

-4.9

-2.0

...

-5.7

-6.3

-3.8

...

El Salvador

0.6

0.8

1.3

2.4

-1.8

-1.6

-1.1

-0.2

Guatemala

-0.6

-0.4

0.1

-0.1

-2.1

-1.9

-1.4

-1.6

Haiti

-1.0

-0.5

0.3

0.8

-1.4

-0.9

0.1

0.6

Honduras

-5.8

-2.1

-0.6

-0.3

-7.9

-4.4

-3.0

-3.2

Mexicoe

-0.5

-1.2

-1.3

-0.4

-2.3

-3.2

-3.5

-2.9

Nicaragua

1.0

0.6

0.3

0.2

0.1

-0.3

-0.6

-0.9

Panama

-1.9

-2.3

-2.1

-0.8

-3.8

-4.0

-3.9

-2.9

Paraguay

-1.4

-0.7

-1.2

-0.7

-1.7

-1.1

-1.8

-1.5

Perud

1.8

0.8

-1.2

-1.8

0.7

-0.3

-2.2

-2.9

Uruguay

0.9

-0.1

-0.5

-0.5

-1.5

-2.3

-2.8

-3.0

Venezuela (Bolivarian Republic of)

...

...

...

...

...

...

...

...

The Caribbeanf

-0.7

0.6

0.7

0.7

-4.0

-2.7

-2.5

-2.5

Antigua and Barbuda

-2.4

-0.1

4.6

2.5

-4.5

-2.7

2.1

0.0

Bahamasg

-3.1

-1.7

0.2

1.9

-5.6

-4.4

-3.0

-1.1

Barbadosh i

-4.1

0.7

0.1

-0.4

-11.2

-6.9

-7.5

-8.7

Belizeh

0.9

-1.2

-4.7

1.0

-1.7

-3.8

-7.3

-1.7

Dominica

-7.4

0.4

0.0

-0.5

-9.4

-1.4

-1.8

-2.3

Grenada

-3.4

-1.2

2.2

3.7

-6.5

-4.7

-1.2

0.0

Guyana

-3.4

-4.5

-0.4

-3.7

-4.4

-5.5

-1.4

-4.6

Jamaicah

7.8

7.6

7.4

7.0

0.1

-0.5

-0.3

-1.0

Saint Kitts and Nevis

17.0

13.9

6.7

4.6

13.2

10.5

4.7

3.1

Saint Lucia

-3.0

0.2

1.4

1.6

-6.8

-3.7

-2.4

-2.4

Saint Vincent and the Grenadines

-3.7

-1.8

-0.7

-0.2

-6.2

-4.1

-2.9

-2.3

Surinamej

-3.2

-3.8

-7.7

-6.4

-6.0

-5.7

-10.0

-7.7

Trinidad and Tobagok

-1.4

-0.8

0.4

-2.5

-3.0

-2.5

-1.5

-4.2

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Preliminary figures established on the basis of information from official budgets and estimates.

b Simple averages for the 33 countries reported. Coverage corresponds to central government.

c Simple averages for 17 countries. Does not include Bolivarian Republic of Venezuela, Cuba or Plurinational State of Bolivia.

d General government.

e Federal public sector.

f Simple averages.

g Fiscal years, from 1 July to 30 June.

h Fiscal years, from 1 April to 31 March.

i Non-financial public sector.

j Includes statistical discrepancy.

k Fiscal years, from 1 October to 30 September.

Table A1.28

Latin America and the Caribbean: central government revenues composition

(Percentages of GDP)

Total revenue

Tax revenue

2013

2014

2015

2016a

2013

2014

2015

2016a

Latin America and the Caribbeanb

22.8

22.8

22.8

22.9

17.8

18.0

18.3

18.1

Latin Americac

17.9

17.8

17.8

17.6

14.8

14.8

15.1

14.9

Argentina

19.9

20.6

20.7

19.5

17.5

17.3

17.6

16.6

Bolivia (Plurinational State of)d

36.7

37.7

36.1

...

21.7

22.3

23.2

...

Brazil

22.2

21.5

21.1

20.7

19.7

19.2

19.2

18.4

Chile

21.0

20.6

21.4

21.1

18.2

18.0

19.1

18.8

Colombia

16.9

16.6

16.1

14.8

14.2

14.3

14.5

14.0

Costa Rica

14.3

14.1

14.4

14.5

13.5

13.3

13.6

13.7

Cuba

43.1

31.3

34.2

...

22.3

19.4

...

...

Dominican Republic

14.4

14.8

14.5

14.1

13.7

13.8

13.5

13.0

Ecuador

21.4

19.9

20.3

...

14.4

14.1

15.6

...

El Salvador

16.3

15.8

16.0

16.4

15.4

15.1

15.2

15.6

Guatemala

11.6

11.5

10.8

11.0

11.0

10.8

10.2

10.3

Haiti

13.3

13.1

13.5

14.1

12.2

12.0

13.2

13.5

Honduras

17.0

18.7

19.5

19.4

15.1

16.7

17.7

17.7

Mexicoe

23.6

23.1

23.4

24.3

9.7

10.5

13.0

13.5

Nicaragua

17.4

17.6

17.8

18.3

15.2

15.4

15.7

15.9

Panama

15.4

14.4

13.9

13.9

10.8

10.2

9.7

9.9

Paraguay

17.1

17.9

18.8

18.3

13.1

14.4

14.3

13.9

Perud

22.4

22.3

20.3

19.4

19.0

19.2

17.5

16.9

Uruguay

20.7

20.0

19.6

19.7

18.2

17.7

17.6

17.7

Venezuela (Bolivarian Republic of)

...

...

...

...

...

...

...

...

The Caribbeanf

26.5

27.4

27.5

28.1

21.1

21.8

22.1

21.8

Antigua and Barbuda

18.6

19.8

23.8

24.4

17.2

16.6

17.0

17.2

Bahamasg

17.0

19.7

21.3

23.6

14.6

17.4

19.2

20.5

Barbadosh i

27.3

28.8

29.2

30.9

25.2

26.7

27.5

29.1

Belizeh

29.0

29.3

28.1

29.2

23.3

24.7

24.2

25.1

Dominica

27.9

31.8

31.0

33.4

22.1

22.1

23.6

24.3

Grenada

20.6

24.5

24.8

27.8

18.4

19.4

20.0

18.9

Guyana

23.6

23.6

25.8

26.5

20.6

21.4

21.9

21.0

Jamaicah

27.8

26.6

27.8

28.1

24.1

24.0

25.2

25.8

Saint Kitts and Nevis

46.2

43.4

39.8

...

19.8

20.7

21.5

...

Saint Lucia

24.8

25.7

26.2

...

22.9

22.9

23.6

...

Saint Vincent and the Grenadines

26.9

28.2

27.8

29.9

21.6

23.8

24.2

...

Suriname

23.3

21.7

19.3

18.9

18.5

16.5

15.4

14.6

Trinidad and Tobagoj

31.0

33.4

32.0

26.0

26.2

27.1

23.6

16.9

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Preliminary figures established on the basis of information from official budgets and estimates.

b Simple averages for the 33 countries reported.

c Simple averages for 17 countries. Does not include Bolivarian Republic of Venezuela, Cuba or Plurinational State of Bolivia.

d General government.

e Federal public sector.

f Simple averages.

g Fiscal years, from 1 July to 30 June.

h Fiscal years, from 1 April to 31 March.

i Non-financial public sector.

j Fiscal years, from 1 October to 30 September.

Table A1.29

Latin America and the Caribbean: central government expenditure composition

(Percentages of GDP)

Total expenditure

Interest payments on public debt

Capital expenditure

2013

2014

2015

2016a

2013

2014

2015

2016a

2013

2014

2015

2016a

Latin America and the Caribbeanb

25.6

25.4

25.5

25.6

2.3

2.4

2.5

2.5

5.2

5.0

4.5

4.5

Latin Americac

20.5

20.6

20.7

20.5

1.7

1.8

2.0

2.1

4.3

4.0

3.8

3.5

Argentina

22.4

24.8

24.5

24.5

1.2

1.9

1.8

2.4

2.8

4.2

2.7

2.1

Bolivia (Plurinational State of)d

35.4

40.2

40.6

...

0.6

0.8

0.9

...

13.5

16.6

13.8

...

Brazil

24.8

26.6

30.3

28.5

4.1

4.8

7.3

5.1

1.5

1.7

2.0

1.9

Chile

21.6

22.3

23.6

24.1

0.6

0.6

0.7

0.7

3.7

3.8

4.3

4.2

Colombia

19.2

19.0

19.2

18.7

2.2

2.1

2.2

3.1

3.1

3.0

3.0

1.9

Costa Rica

19.6

19.7

20.2

19.9

2.5

2.6

2.8

2.8

1.6

1.7

1.8

1.8

Cuba

41.1

30.7

34.6

...

...

...

...

...

7.4

3.1

4.0

...

Dominican Republic

17.1

17.3

16.9

16.8

2.3

2.5

2.7

2.9

3.3

2.7

2.8

2.3

Ecuador

27.2

26.2

24.1

...

1.2

1.4

1.8

...

12.2

11.5

9.6

...

El Salvador

18.1

17.4

17.1

16.7

2.4

2.4

2.4

2.6

3.0

2.8

2.6

2.4

Guatemala

13.8

13.4

12.3

12.6

1.6

1.4

1.6

1.5

3.0

2.9

2.2

2.4

Haiti

14.5

13.4

12.6

12.9

0.4

0.4

0.2

0.3

3.7

1.9

1.4

1.2

Honduras

24.9

23.1

22.6

22.6

2.1

2.3

2.5

3.0

5.2

5.2

4.7

5.7

Mexicoe

26.0

26.3

26.9

27.2

1.9

1.9

2.2

2.5

5.4

5.2

5.1

5.9

Nicaragua

17.3

17.9

18.4

19.1

0.9

0.9

0.9

1.0

3.8

4.0

4.5

5.2

Panama

19.2

18.4

17.7

16.8

1.8

1.7

1.8

2.1

8.5

6.8

6.2

4.6

Paraguay

18.8

19.0

20.6

19.8

0.3

0.4

0.6

0.8

3.8

3.6

4.1

2.7

Perud

21.7

22.6

22.5

22.3

1.1

1.1

1.0

1.1

6.2

6.0

5.5

5.3

Uruguay

22.2

22.3

22.4

22.7

2.4

2.3

2.3

2.5

1.4

1.4

1.2

1.2

Venezuela (Bolivarian Republic of)

...

...

...

...

...

...

...

...

...

...

...

...

The Caribbeanf

30.3

30.1

29.9

30.5

3.2

3.2

3.2

3.2

5.7

5.4

4.7

5.2

Antigua and Barbuda

23.0

22.5

21.7

24.4

2.1

2.6

2.5

2.5

1.3

1.6

1.4

5.1

Bahamasg

22.7

24.2

24.3

24.7

2.5

2.7

3.1

3.0

3.0

3.3

2.0

2.6

Barbadosh i

38.5

35.7

36.6

39.6

7.1

7.6

7.6

8.3

2.0

2.2

2.6

4.2

Belizeh

30.7

33.1

35.4

30.9

2.7

2.5

2.6

2.7

6.8

8.6

9.8

5.1

Dominica

37.4

33.2

32.8

35.7

2.0

1.7

1.8

1.8

11.7

8.5

5.9

8.0

Grenada

27.1

29.2

26.0

27.8

3.1

3.5

3.4

3.7

6.8

9.2

8.4

10.5

Guyana

28.0

29.1

27.3

31.1

1.0

1.0

1.0

0.9

8.2

8.0

4.7

7.3

Jamaicah

27.6

27.1

28.1

29.1

7.7

8.1

7.7

8.0

2.6

1.5

2.0

2.5

Saint Kitts and Nevis

33.0

32.8

35.1

...

3.8

3.4

2.0

1.4

6.7

5.7

7.1

...

Saint Lucia

31.6

29.4

28.6

...

3.8

3.9

3.8

4.0

7.8

5.7

5.7

...

Saint Vincent and the Grenadines

33.0

32.3

30.7

32.2

2.5

2.3

2.2

2.2

7.8

6.4

5.0

4.4

Suriname

27.8

26.4

28.5

26.6

1.3

0.9

1.4

1.3

4.5

5.2

2.5

2.0

Trinidad and Tobagoj

34.0

36.0

33.5

30.3

1.6

1.8

1.9

1.8

5.4

4.8

4.3

2.7

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Preliminary figures established on the basis of information from official budgets and estimates.

b Simple averages for the 33 countries reported.

c Simple averages for 17 countries. Does not include Bolivarian Republic of Venezuela, Cuba or Plurinational State of Bolivia.

d General government.

e Federal public-sector.

f Simple averages.

g Fiscal years, from 1 July to 30 June.

h Fiscal years, from 1 April to 31 March.

i Non-financial public sector.

j Fiscal years, from 1 October to 30 September.

Table A1.30

Latin America and the Caribbean: central government gross public debt

(Percentages of GDP)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016a

Latin America and the Caribbeanb

42.9

41.6

45.3

45.5

45.6

47.4

48.9

49.6

50.7

50.8

Latin Americab

30.3

28.8

30.9

29.8

29.0

30.5

32.3

33.6

36.5

37.9

Argentina

44.4

39.2

39.6

36.1

33.3

35.1

43.3

44.4

53.6

54.0

Bolivia (Plurinational State of)

37.2

34.0

36.3

34.6

34.5

29.1

28.4

27.7

29.5

29.2

Brazilc

57.2

57.5

59.6

52.0

50.8

55.3

56.7

58.9

66.5

70.3

Chile

3.9

5.1

5.8

8.7

11.1

12.0

12.8

15.0

17.4

20.6

Colombia

36.6

36.2

38.1

38.7

36.5

34.6

37.2

40.0

43.9

44.6

Costa Rica

26.9

24.1

26.5

28.4

29.8

34.3

36.0

38.9

41.5

43.4

Dominican Republic

16.9

23.2

27.1

27.6

28.8

32.2

38.1

37.1

35.2

36.7

Ecuador

25.2

20.5

15.0

17.8

17.3

20.1

22.9

27.4

30.7

35.6

El Salvador

34.9

34.4

42.6

42.6

41.7

45.7

44.0

44.4

44.6

44.4

Guatemala

21.4

19.9

22.8

24.0

23.7

24.3

24.6

24.3

24.2

23.4

Haitid

33.6

42.3

34.3

22.8

23.9

28.0

30.5

35.1

36.7

38.4

Honduras

17.4

20.1

23.9

30.4

32.5

35.4

43.8

45.6

45.2

45.9

Mexicoe

20.6

24.0

27.2

27.2

27.5

28.2

29.8

31.7

34.4

36.7

Nicaragua

32.3

28.6

32.3

33.3

31.9

31.5

30.8

30.2

29.9

29.9

Panama

49.4

42.0

40.7

39.6

36.7

35.2

35.0

36.8

38.5

38.9

Paraguay

14.7

13.4

13.9

12.1

9.8

12.6

13.0

15.8

17.3

20.9

Peru

25.8

23.1

22.8

20.7

18.4

18.3

17.3

18.2

19.8

21.7

Uruguay

57.2

44.5

53.3

39.9

38.4

40.2

36.9

39.2

47.3

44.8

Venezuela (Bolivarian Republic of)

19.9

15.2

25.2

29.0

25.1

27.5

32.9

28.5

38.0

41.1

The Caribbeanb

61.2

60.4

66.4

68.6

69.7

72.2

73.1

72.9

71.5

69.6

Antigua and Barbuda

85.8

73.8

80.8

74.3

77.1

71.9

77.7

82.7

70.0

66.9

Bahamas

36.9

37.4

50.2

54.3

55.4

59.6

65.6

72.9

75.1

74.0

Barbados

51.7

55.7

63.2

71.9

78.0

83.9

96.4

100.1

104.9

103.3

Belize

83.6

79.4

82.2

72.3

70.7

72.8

78.5

75.6

78.4

78.2

Dominica

67.0

59.4

53.1

56.7

54.6

64.6

64.2

64.3

66.1

66.2

Grenada

75.1

70.9

80.9

84.2

87.8

91.4

93.5

88.6

80.2

77.5

Guyanaf

61.2

62.9

67.0

68.0

66.7

63.6

58.1

51.9

48.6

44.5

Jamaicaf

110.9

112.3

126.3

131.7

131.4

133.9

135.5

131.8

127.3

124.2

Saint Kitts and Nevis

81.4

97.9

105.5

113.8

114.1

108.7

76.9

64.8

53.5

49.8

Saint Lucia

50.4

50.1

51.2

54.4

61.0

68.1

71.9

72.9

74.0

74.3

Saint Vincent and the Grenadines

48.0

45.8

51.0

55.6

58.5

61.2

63.6

68.3

66.8

65.2

Suriname

17.6

15.7

15.7

18.6

20.1

21.6

29.9

26.8

40.5

36.4

Trinidad and Tobago

26.5

23.8

36.3

36.1

30.9

36.9

37.9

47.2

43.7

44.2

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Preliminary figures.

b Simple averages.

c General government.

d Data to September 2013. Does not include public sector liabilities owed to commercial banks.

e Federal government.

f Public sector

Table A1.31

Latin America and the Caribbean: non-financial public sector gross public debt

(Percentages of GDP)

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016a

Latin America and the Caribbeanb

47.4

46.1

50.6

51.1

50.5

52.3

53.7

54.0

54.9

55.0

Latin Americab

32.3

30.9

33.2

32.4

31.3

32.7

34.6

36.2

39.4

40.7

Argentina

44.4

39.2

39.6

36.1

33.3

35.1

43.3

44.4

53.6

54.0

Bolivia (Plurinational State of)c

40.7

37.2

39.5

38.1

33.7

31.3

30.4

30.0

31.6

30.9

Brazild

57.2

57.5

60.9

53.6

50.8

55.3

56.7

58.9

66.5

70.3

Chile

8.7

11.6

12.1

14.7

17.8

18.9

20.5

24.2

27.6

30.2

Colombia

43.8

42.6

45.1

46.2

43.1

40.7

43.1

46.0

50.1

50.3

Costa Rica

31.0

29.0

34.0

35.7

37.1

41.5

44.2

47.3

49.8

51.5

Dominican Republice

16.9

23.2

27.1

27.6

28.8

32.2

38.1

37.1

35.2

36.7

Ecuador

27.1

22.1

16.3

19.6

18.3

21.1

24.0

29.5

32.7

38.4

El Salvador

37.0

36.9

45.2

45.1

44.1

47.9

46.3

46.7

47.3

47.2

Guatemala

21.6

20.1

23.3

24.4

23.9

24.5

24.7

24.5

24.3

23.5

Haitie f

33.6

42.3

34.3

22.8

23.9

28.0

30.5

35.1

36.7

38.4

Hondurase

17.4

20.1

23.9

30.4

32.5

35.4

43.8

45.6

45.2

45.9

Mexicog

22.4

26.5

34.3

31.7

34.4

33.9

36.8

40.1

44.7

49.2

Nicaragua

32.9

29.4

34.2

34.8

32.6

32.2

31.5

30.7

30.4

30.3

Panama

50.0

42.6

45.4

43.0

37.3

35.7

35.5

37.1

38.8

39.2

Paraguayh

16.8

15.5

16.8

14.9

11.5

14.2

14.4

17.6

19.7

23.5

Peru

29.9

26.9

23.7

23.5

22.1

20.4

19.6

20.1

23.3

22.7

Uruguay

62.5

48.9

49.4

43.5

43.4

45.7

41.5

44.6

52.4

49.5

Venezuela (Bolivarian Republic of)e

19.9

15.2

25.2

29.0

25.1

27.5

32.9

28.5

38.0

41.1

The Caribbeanb

69.3

68.3

76.1

78.6

78.7

80.9

81.6

79.9

77.7

76.0

Antigua and Barbuda

81.1

81.9

95.7

87.1

92.2

86.5

99.9

98.5

83.9

80.3

Bahamase

36.9

37.4

50.2

54.3

55.4

59.6

65.6

72.9

75.1

74.0

Barbados

62.4

67.2

76.0

88.1

93.9

96.6

106.5

110.1

108.5

107.7

Belize

83.6

79.4

82.2

72.3

70.7

72.8

78.5

75.6

78.8

78.7

Dominica

81.2

72.6

66.4

73.1

67.5

77.6

76.7

75.7

78.3

78.5

Grenada

82.9

82.2

90.0

91.8

98.7

101.4

102.4

95.7

86.8

83.2

Guyana

61.2

62.9

67.0

68.0

66.7

63.6

58.1

51.9

48.6

44.5

Jamaica

110.9

112.3

126.3

131.7

131.4

133.9

135.5

131.8

127.3

124.2

Saint Kitts and Nevis

134.6

125.5

142.0

151.4

140.1

137.4

99.4

77.5

65.5

62.1

Saint Lucia

64.7

58.4

64.0

65.5

68.6

74.4

77.4

77.3

77.8

79.0

Saint Vincent and the Grenadines

55.5

58.0

64.7

66.7

69.9

72.8

75.8

79.9

78.5

77.9

Surinamee

17.6

15.7

15.7

18.6

20.1

21.6

29.9

26.8

40.5

36.4

Trinidad and Tobago

28.8

34.5

49.0

52.9

48.0

53.0

54.5

65.1

60.6

61.4

Source: Economic Commission for Latin America and the Caribbean (ECLAC), on the basis of official figures.

a Preliminary figures.

b Simple averages.

c Refers to the external debt of the non-financial public-sector and central-government domestic debt.

d General government.

e Data to September 2013. Does not include public sector liabilities owed to commercial banks.

f Central government.

g Federal public-sector.

h Domestic debt includes liabilities owed to the central bank only.

Table of Contents

Maintitle

Copyright

Contents

Executive summary

Global economic trends

The external sector

Economic activity

Domestic prices

Employment and wages

Macroeconomic policy

Risks and outlook for 2017

Statistical annex