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Business Services Industry

Latin America and the Caribbean

Latin Trade,  July, 2004  

Latin America and the Caribbean

GDP
% change on year ago

LT Consensus Forecast *

latest    2003   2004F   2005F

Argentina   11.3 Q4 '03    8.3    6.8     3.3
Brazil      -0.1 Q4 '03   -0.2    3.7     3.5
Chile        3.3 Q4 '03    3.3    4.9     4.9
Colombia     4.2 Q4 '03    3.5    3.8     3.5
Ecuador      4.0 Q4 '03    2.4    3.9     3.5
Mexico       3.7 Q1 '04    1.3    3.2     3.4
Peru         2.8 Q4 '03    4.0    3.8     3.0
Venezuela    9.0 Q4 '03   -9.2    8.2     3.6

Industrial production   Unemployment%
% change on year ago       % rate

latest                latest

Argentina     14.1   Feb '04        14.5    Q4 '03
Brazil         1.8   Feb '04        12.0   Feb '04+
Chile          8.0   Feb '04         8.1    Q1 '04
Colombia       6.1   Feb '04        15.4   Feb '04
Ecuador        7.9   Feb '04        10.3   Feb '04
Mexico         2.2   Feb '04         3.9   Feb '04+
Peru           4.1   Feb '04        10.6   Feb '04
Venezuela       --        --        14.1   Dec '03

Producer prices   Consumer prices

% change on year ago

LT Consensus Forecast *

latest        2003   2004F   2005F

Argentina    2.2   Feb '04     3.7     7.2     8.0
Brazil       4.5   Feb '04     9.3     6.2     5.2
Chile       -6.7   Feb '04     1.1     1.8     2.8
Colombia     5.0   Feb '04     6.5     5.8     5.4
Ecuador     -2.5   Feb '04     6.1     5.2     3.5
Mexico       6.5   Feb '04     4.0     4.0     3.7
Peru         3.6   Feb '04     2.5     2.6     2.5
Venezuela   25.4   Feb '04    27.1    35.1    23.5

Exchange rates            Current account
end of period per US$     as % of GDP

LT Consensus Forecast *   LT Consensus Forecast *

2003   2004F   2005F     2003   2004F   2005F

Argentina    2.91    2.89    3.02      6.7     4.9     2.9
Brazil       2.89    3.07    3.25      0.8    -0.4    -1.3
Chile         601     603     618     -0.7     0.6    -0.7
Colombia    2,779   2,888   3,079     -2.4    -2.4    -2.3
Ecuador      1.00    1.00    1.00     -1.8    -0.1    -1.8
Mexico      11.22   11.33   11.74     -1.5    -2.0    -2.5
Peru         3.46    3.52    3.58     -1.8    -1.5    -1.6
Venezuela   1,598   2,360   2,814     11.8     7.1     5.1

International reserves
US$ billions

LT Consensus Forecast *

2003   2004F   2005F

Argentina    13.7    17.7    19.4
Brazil       49.3    51.8    51.9
Chile        15.9    16.4    16.7
Colombia     10.7    11.3    11.5
Ecuador       1.2     1.9     1.9
Mexico       56.5    59.2    60.2
Peru         10.1    10.6    10.8
Venezuela    21.0    21.0    20.4

* LATIN TRADE Consensus Forecast includes Banamex, BBVA, Goldman Sachs,
Merill Lynch, Morgan Stanley, Santander Central Hispano Investment, UBS
Warburg, LATIN TRADE

+ open unemployment (economically active, seeking work)

Consumer prices         Interest rates
% change on year ago    % per year

year
latest        ago   deposit     lending

Argentina         2.3   Feb '04   36.1      2.23    9.51   Feb '04
Bolivia           4.6   Feb '04    2.4      9.33   11.75   Feb '04
Brazil            6.7   Feb '04   15.8     14.42   56.10   Feb '04
Chile             0.0   Feb '04    3.8      1.69    5.03   Feb '04
Colombia          6.3   Feb '04    7.3      7.85   15.39   Feb '04
Costa Rica       11.5   Feb '04    9.6      9.50   23.25   Feb '04
Dominican Rep.   61.4   Feb '04   18.0     19.16   30.80   Feb '04
Ecuador           3.8   Feb '04    9.8      5.10   12.29   Feb '04
El Salvador       2.6   Feb '04    2.7      3.36    6.61   Feb '04
Guatemala         6.0   Feb '04    5.8      4.14   13.93   Feb '04
Honduras          6.7   Feb '04    8.9     11.24   20.24   Jan '04
Jamaica          16.7   Feb '04    5.7      8.43   19.17   Feb '04
Mexico            4.5   Feb '04    5.5      2.28    5.95   Feb '04
Panama            1.7   Dec '03    1.8      2.35    9.33   Jan '04
Paraguay          3.8   Feb '04   20.2      8.47   40.41   Feb '04
Peru              3.4   Feb '04    2.8      2.90   14.90   Jan '04
Trinidad &        3.0   Dec '03    1.3      2.59    9.50   Nov '03
Tobago
Uruguay           9.1   Feb '04   28.0        --      --        --
Venezuela        21.9   Feb '04   39.7     11.96   20.07   Feb '04

Exchange rates
April 26th, 2004

currency    per US$   per euro

Argentina        Peso           2.83       3.35
Bolivia          Boliviano      7.68       9.08
Brazil           Real           2.91       3.44
Chile            Peso         593.90     702.05
Colombia         Peso          2,564      3,031
Costa Rica       Colon        420.65     497.25
Dominican Rep.   Peso          42.63      50.39
Ecuador          Sucre          1.00     29,553
El Salvador      Colon          8.75      10.35
Guatemala        Quetzal        7.83       9.26
Honduras         Lempira       17.52      20.72
Jamaica          Dollar        55.00      65.02
Mexico           Peso          11.33      13.39
Panama           Balboa         1.00       1.18
Paraguay         Guarani       5,595      6,613
Peru             Sol            3.36       3.97
Trinidad &       Dollar         6.15       7.27
Tobago
Uruguay          Peso          29.63      35.02
Venezuela        Bolivar       1,918      2,267

Exports of goods
US$ millions

trailing
latest        12 months

Argentina            2,386   Feb '04      29,740
Bolivia                146   Feb '04       1,710
Brazil               5,722   Feb '04      74,800
Chile                2,172   Feb '04      21,816
Colombia               875   Feb '04      12,936
Costa Rica             517   Feb '04       6,116
Dominican Rep.       1,243    Q4 '03       5,439
Ecuador                449   Feb '04       6,009
El Salvador            125   Feb '04       3,004
Guatemala              369   Jan '04       4,464
Honduras               113   Jan '04       1,293
Jamaica                308    Q3 '03       1,088
Mexico              14,024   Feb '04     166,213
Panama               1,498    Q4 '03       5,051
Paraguay               360    Q3 '03       1,423
Peru                   868   Feb '04       9,277
Trinidad & Tobago      974    Q2 '03       4,318
Uruguay                178   Feb '04       2,292
Venezuela              555   Jan '04       5,591

Imports of goods
US$ millions

trailing
latest        12 months

Argentina            1,349   Feb '04      15,186
Bolivia                139   Jan '04       1,629
Brazil               3,927   Feb '04      48,863
Chile                1,546   Feb '04      19,582
Colombia             1,091   Feb '04      13,949
Costa Rica             655   Feb '04       7,632
Dominican Rep.       1,879    Q4 '03       7,883
Ecuador                507   Feb '04       6,513
El Salvador            367   Feb '04       5,707
Guatemala              734   Jan '04       8,159
Honduras               281   Jan '04       3,274
Jamaica                869    Q3 '03       3,299
Mexico              14,076   Feb '04     172,294
Panama               1,608    Q4 '03       6,143
Paraguay               574    Q3 '03       2,048
Peru                   657   Feb '04       8,262
Trinidad & Tobago      885    Q2 '03       3,661
Uruguay                216   Feb '04       2,291
Venezuela              989   Dec '03       8,337

International reserves ([dagger])
US$ millions

latest        year ago

Argentina           14,671   Feb '04      10,293
Bolivia                623   Feb '04         450
Brazil              52,783   Feb '04      38,375
Chile               16,059   Feb '04      16,439
Colombia            11,163   Feb '04      10,881
Costa Rica           1,741   Feb '04       1,750
Dominican Rep.         342   Feb '04         598
Ecuador                872   Feb '04         619
El Salvador          1,906   Feb '04       1,700
Guatemala            2,802   Feb '04       2,362
Honduras             1,429   Feb '04       1,451
Jamaica              1,506   Feb '04       1,302
Mexico              63,063   Feb '04      51,954
Panama               1,069   Feb '04       1,511
Paraguay               934   Feb '04         637
Peru                10,088   Feb '04       9,991
Trinidad & Tobago    2,451   Dec '03       2,028
Uruguay              2,230   Feb '04         535
Venezuela           17,184   Feb '04       8,423

([dagger]) Excluding gold, IMF definition

SOURCE: IMF, individual countries, Oanda, LATIN TRADE

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