Economy & Business - August 2003

The Cámara Nacional de Comercio (CNC) says that the economy will not grow by more than 2% this year, despite claims from the government that the growth rate will be at least 3%. In the first half of the year, growth was 1.3%, the Cámara pointed out. 

To be fair, there are some encouraging signs in the economy. Exports increased by 14% in the first half of 2003 compared with the same period of last year. This was the biggest jump in four years. The minister of economic development, Jorge Torres, said exports were US$688.5m, US$84.5m up on the same period of 2002.   The fastest growing export sector was manufactures, up 30% year-on-year. 

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