The economy of the Latin American region is expected to accelerate its growth to 1.7% in 2019. Last year, it grew 1.2%.

According to CEPAL (United Nations Economic Commission for Latin America), the country with the most dynamic growth was Mexico, which increased from 2.1%, recorded in 2017, to 2.2% in 2018. The sub- The region that recorded the greatest acceleration was the Caribbean, which saw its economic growth increase from 0.2% to 1.9%.

According to the preliminary balance of the economies of Latin America and the Caribbean, which you can consult in full here or by following the link https://repositorio.cepal.org/bitstream/handle/11362/44326/52/S1801134_es.pdf , economic growth in 2018 was led by domestic demand, the increase of which was mainly due to the recovery in investment. Within domestic demand, private consumption remained the main source of growth.

The region’s sales abroad grew 10% in 2018, as a result of a 6% increase in prices and a 4% increase in volume. By group of countries, the biggest increase (13%) occurred in hydrocarbon exporters, particularly due to the recovery in the price of energy products. Next are countries that export minerals (11%), exporters of agro-industrial products and Central America, whose exports grow 5%. Foreign sales of the region’s two largest economies, Brazil and Mexico, grew at rates of 10% and 11% respectively.

The quarterly data also shows that at the sub-regional level, a differentiated performance was maintained in terms of the contributions of expenditure components to GDP growth in 2018. In South America, private consumption and exports decreased significantly, unlike Mexico and Central America, where private consumption maintained its importance for GDP growth and where there was also an increase in the contribution of investment and exports.

Source: CEPAL – https://www.cepal.org/es