<span id="docs-internal-guid-c0d78b32-07fe-a23d-ac37-42b055142b15"> <p dir="ltr" style="line-height:1.295;margin-top:0pt;margin-bottom:8pt;"><span style="color: #000000; background-color: transparent; vertical-align: baseline; white-space: pre-wrap;">En el caso de Ecuador la cifra se revisó al alza, de tal forma que para 2017 se proyecta un crecimiento de 0,2% (frente al -1,6% estimado en abril). Para el año 2018 también se revisó la serie al ubicar la tasa en 0,6% (frente al -0,3% estimado en abril). Esta revisión se da a partir de las cifras presentadas por las autoridades locales en las que se estimó un crecimiento interanual de 3,3% en el segundo trimestre de 2017. </span></p> <p dir="ltr" style="line-height:1.295;margin-top:0pt;margin-bottom:8pt;"><span style="color: #000000; background-color: transparent; vertical-align: baseline; white-space: pre-wrap;">Esta mejor proyección es resultado de un incremento el en consumo de los hogares y del comercio exterior. La firma del Acuerdo Comercial con la Unión Europea, así como la eliminación de las restricciones comerciales favorecieron la importación de insumos y bienes de capital. De igual manera la exportaciones de producto ecuatorianos tuvieron un mejor comportamiento en lo que va de 2017, si bien el incremento es menor que el de las exportaciones (17,4% frente a 23,1% respectivamente en el periodo enero – julio, entre 2016 y 2017). </span></p> <p dir="ltr" style="line-height:1.295;margin-top:0pt;margin-bottom:8pt;"><span style="color: #000000; background-color: transparent; vertical-align: baseline; white-space: pre-wrap;">Si bien esta proyección es favorable, Ecuador es el país de menor crecimiento estimado en Sudamérica, después de Venezuela cuya situación sigue siendo crítica. La economía brasileña da más señales de recuperación por lo que se estima un crecimiento de 0,8% en 2017, luego de un decrecimiento de -3,6% en 2016. Bolivia es el país con mejor proyección de crecimiento en Sudamérica con 4,2%. Los resultados de la región dependen en gran medida de la evolución de los precios de los productos primarios que se exportan. Adicionalmente, dada la necesidad de implementar medidas de ajuste en la economía ecuatoriana, así como una mayor participación del sector privado, todavía no se puede mencionar una recuperación sostenida de la economía del país. </span></p> <p dir="ltr" style="line-height:1.295;margin-top:0pt;margin-bottom:8pt;"><span style="color: #000000; background-color: transparent; vertical-align: baseline; white-space: pre-wrap;">En nuestra edición de noviembre presentaremos un detalle más amplio de estas cifras dentro de nuestra sección Perspectivas. </span></p> <p dir="ltr" style="line-height:1.295;margin-top:0pt;margin-bottom:8pt;"><span style="color: #000000; background-color: transparent; font-weight: bold; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Tasas de crecimiento del PIB en Sudamérica y México</span></p> <div dir="ltr" style="margin-left:-3.75pt;"> <table style="border:none;border-collapse:collapse"><colgroup><col width="80" /><col width="80" /><col width="80" /><col width="80" /></colgroup> <tbody> <tr style="height:15pt"> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#002060;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: center;"><span style="color: #ffffff; background-color: transparent; font-weight: bold; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">País</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#002060;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #ffffff; background-color: transparent; font-weight: bold; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">2016</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#002060;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #ffffff; background-color: transparent; font-weight: bold; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">2017 (p)</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#002060;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #ffffff; background-color: transparent; font-weight: bold; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">2018 (p)</span></p></td></tr> <tr style="height:15pt"> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span style="color: #505050; background-color: transparent; font-weight: bold; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Argentina</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">-2,2%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">2,5%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">2,5%</span></p></td></tr> <tr style="height:15pt"> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span style="color: #505050; background-color: transparent; font-weight: bold; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Bolivia</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">4,3%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">4,2%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">4,0%</span></p></td></tr> <tr style="height:15pt"> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span style="color: #505050; background-color: transparent; font-weight: bold; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Brasil</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">-3,6%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">0,7%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">1,5%</span></p></td></tr> <tr style="height:15pt"> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span style="color: #505050; background-color: transparent; font-weight: bold; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Chile</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">1,6%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">1,4%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">2,5%</span></p></td></tr> <tr style="height:15pt"> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span style="color: #505050; background-color: transparent; font-weight: bold; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Colombia</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">2,0%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">1,7%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">2,8%</span></p></td></tr> <tr style="height:15pt"> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span style="color: #505050; background-color: transparent; font-weight: bold; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Ecuador</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">-1,5%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">0,2%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">0,6%</span></p></td></tr> <tr style="height:15pt"> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span style="color: #505050; background-color: transparent; font-weight: bold; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">México</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">2,3%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">2,1%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">1,9%</span></p></td></tr> <tr style="height:15pt"> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span style="color: #505050; background-color: transparent; font-weight: bold; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Paraguay</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">4,1%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">3,9%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">4,0%</span></p></td></tr> <tr style="height:15pt"> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span style="color: #505050; background-color: transparent; font-weight: bold; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Perú</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">4,0%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">2,7%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">3,8%</span></p></td></tr> <tr style="height:15pt"> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span style="color: #505050; background-color: transparent; font-weight: bold; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Uruguay</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">1,5%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">3,5%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">3,1%</span></p></td></tr> <tr style="height:15pt"> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;"><span style="color: #505050; background-color: transparent; font-weight: bold; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">Venezuela</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">-16,5%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">-12,0%</span></p></td> <td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:middle;background-color:#ffffff;padding:0pt 3.5pt 0pt 3.5pt;"> <p dir="ltr" style="line-height:1.2;margin-top:0pt;margin-bottom:0pt;text-align: right;"><span style="color: #505050; background-color: transparent; font-weight: 400; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;">-6,0%</span></p></td></tr></tbody></table></div> <p dir="ltr" style="line-height:1.295;margin-top:0pt;margin-bottom:8pt;"></p> <p dir="ltr" style="line-height:1.295;margin-top:0pt;margin-bottom:8pt;"><span style="color: #000000; background-color: transparent; font-weight: 400; font-variant-ligatures: normal; font-variant-caps: normal; text-decoration: none; vertical-align: baseline; white-space: pre-wrap;"><i>Fuente: World Economic Outlook, octubre 2017, Fondo Monetario Internacional</i></span></p> <div><span style="font-size: 11pt; font-family: calibri; color: #000000; background-color: transparent; vertical-align: baseline; white-space: pre-wrap;"><br /> </span></div></span>