Drop in consumption causes economy of Guatemala to contract
According to statistics from the Tax Bureau the drop in domestic consumption has become especially acute starting in the month of April.
Monday, September 22, 2008
The drop in consumption started in Guatemala in middle of 2007, before macro-economic indicators warned of the crisis. Home consumption, which provides 85% of the Gross Domestic Product (GDP) has been reduced due to the loss of purchasing power due to high food and fuel prices which have had their highest increase in the last 30 years.
In the first quarter the GDP showed a 4.9% interannual contraction, the second consecutive period of slowdown.
For the second quarter of 2013, economic activity as measured by the estimated real level of GDP grew by almost twice that of the same period last year ..
Starting this year, the base year for calculating the gross domestic product of Panama will be 2007.
In the first three months of the year the Gross Domestic Product (GDP) grew more than 3%.
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