- Argentina’s third-quarter 2004 GDP grew by 10.9 percent. The country’s jobless rate (not seasonally-adjusted) fell 1.6 percent in November to 13.20 percent.
- Brazil’s economy grew at a 6.1-percent annual rate in the third quarter of 2004, its biggest gain since 1996. Unemployment in Brazil decreased by 0.4 percent to 10.5 percent in October.
- Canada’s growth rate increased by 0.8 percent in the third quarter compared to the previous quarter and rose by 3.3 percent year-to-year. A boom in manufacturing, wholesale and retail sectors drove growth, but “the economy ended the quarter on a weak note, with no growth in September, following 0.4 percent growth in August and 0.3 percent in July,” according to a Statistics Canada press release. Canada’s unemployment rate rose slightly to 7.3 percent in November.
- Mexico had a record high $61.496 billion in foreign reserves at the end of 2004, as the No. 5 crude oil producer in the world benefitted from high oil prices even as the central bank attempted to control growth. The total is up from $57.4 billion at the end of 2003. Mexico has deposited most of the money in a special savings fund or spent it on infrastructure projects.
- Year-end inflation in Venezuela dropped nearly eight percent from 2003, finishing at 19.2 percent. The country is one of many that benefitted greatly from the oil-price boom, as increased revenue allowed the government to increase spending. Unemployment also improved, as the December rate of 10.9 percent was down from 12.8 percent the month before and 14.6 percent from a year ago.
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