The equipment leasing and finance industry in Latin America grew an average 17% in 2015 as measured in local currencies, according to a report from The Alta Group.

Report details and the most recent ranking of the 100 largest leasing companies in in the region will be discussed at the Latin American Leasing Conference Nov. 10 to Nov. 11 in Miami.

“This is good news for Latin American economies, since it shows that a key engine of capital formation in these countries – equipment leasing – is still working and promises to contribute to the comeback of times of growth,” wrote Rafael Castillo-Triana, Alta LAR CEO, in the report. “This is evidence that the leasing industry is countercyclical not only because it may grow despite the overall macroeconomic environment, but also because it contributes to the future growth of economies by fostering capital investment.”

The International Monetary Fund estimates that the overall economic growth rate in Latin America declined 0.5% in 2015. A 0.1% decline is predicted this year, driven by Brazil, Ecuador and Venezuela.

While the leasing industry performed well overall, it expanded in some countries while contracting in others. The Alta LAR 100 estimates positive growth rates in Mexico, Colombia, Chile, Argentina and Peru compared to negative growth in Brazil, Venezuela, Ecuador and Puerto Rico.