Latin America posts strong economic growth

Latin America posts strong economic growth

Latin America's main economies reported better-than-expected economic growth in 2004. Venezuela, Argentina and Mexico posted economic growth of 17.3%, 8% and 4.4% respectively for 2004. Peru saw its strongest growth since 1997 as its economy expanded 5%. Strong exports, driven by demand for commodities in the US and China, affected economic growth positively. Economic growth forecasts indicate robust growth for 2005, assuming global demand maintains its affirmative position. Argentina's GDP (Gross Domestic Product) growth is expected to be 5.5% in 2005, while growth in Peru, Mexico and Venezuela's is expected to amount to 4.5%, 4.8% and 5% respectively.