SANTIAGO (Reuters) - Growing job income helped lift 1 million people out of poverty this year in Latin America and the Caribbean, helping reduce the region's poverty rate to the lowest in three decades, the U.N.'s economic body for the region said in report on Tuesday.
Around 167 million people in Latin America and the Caribbean, or roughly 28.8 percent of the total population, lived in poverty this year, a sharp drop from a decade ago, according to Santiago-based Economic Commission for Latin America and the Caribbean.
"Poverty reduction was most related to increases in job-related income for poor households," ECLAC said in its report. "Public and private transfers and other income helped, but less significantly, in reducing poverty."
The export-dependent region's booming economic growth has helped cut poverty rates over the past decade. But the U.N. body recently estimated the region's economic growth would moderate to 3.2 percent this year from 4.3 percent in 2011 and about 6 percent in 2010.