RVAC Julio-Diciembre 2012 [#18 vol. 2]

Regional integration…
• In 2005 the current account deficits were reduced and in 2006 and 2007 the
current accounts of almost all UNASUR countries (the exceptions were Colombia
and Uruguay) turned positive. During this period, the world economy
showed high growth and the commodity prices increased considerably.
• From 2008 to 2010, the current account deteriorated due to the ‘great recession’.
Despite this deterioration, the current account deficits were still better
than those observed in the beginning of the 2000s.
Source: ECLAC (2012).
Source: ECLAC (2012).
Figure 9. Current Account/GDP, 2000-2005
Figure 10. Current Account/GDP, 2006-2010
Figures 11 and 12, which display the fiscal deficits of the UNASUR countries,
show that: (i) from 2000 to 2003, in general, the ratio of nominal fiscal outcome/GDP
had a bad performance; (ii) in 2004 and 2005, the nominal fiscal outcome
became a little bit better for some countries, especially Chile; (iii) from
2006 to 2008, it improved for almost all countries (the exception was Uruguay);
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