From a report by the Central Bank "GDP and balance of payments in the first quarter of 2016":

Economic activity in the first quarter grew by 5.4% (annualized quarterly change), a result that is associated with the positive developments in external demand which increased by 17.5%. This trend was reflected in increased product placement by companies in special regimes related to the sale of equipment and medical devices as well as the recovery in the export of bananas, pineapples and services (4.9% ).

Meanwhile, domestic demand grew by 2.3% mainly due to the final consumption expenditure of households (3.9%), driven by the improvement in real disposable income in the real minimum wage (2.1%) and the rise in access to financing through consumer loans (8.2%). By product type, the consumption of imported goods and telecommunications services (internet and cell phone) stood out. Government final consumption fell by 0.3% evidencing a policy of containment of expenditure (both recruitment and purchases of goods and services).

Read full report (in spanish).

Source: CentralAmericaData.COM

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