In the first quarter of 2012 GDP rose by 3.4%, driven mainly by household consumption, which grew by 5.1%.
Friday, July 6, 2012
The figure is slightly lower than the 3.6% quarterly change recorded in the same period of 2012. According to the Bank of Guatemala, this change is explained by less government spending coupled with a cooling of exports.
"The only two sectors which recorded GDP contraction during the first quarter were construction, down 4.7 percent, and mining and quarrying reporting a fall of 15.4 percent", published Elperiodico.com.gt.
The construction industry was mainly affected by the decline in public works caused by the tax reform in February.
During the first six months of 2013, the gross domestic product totaled $13.488 billion reflecting an increase of 7.3% compared with the same period in 2012.
In addition, real GDP grew by 7.6% in the second quarter of 2013. This was revealed in a report by the Comptroller General of the Republic which explains that mining and quarrying grew by 27.8%, while construction rose by 26.2%, both activities driven by the development of public and private works in the country.
In the second quarter of 2012, Panama's economy grew at a rate of 10.4%.
This increase is in addition to the first quarter, when the rate was 10.6%.
If the trend continues, year-end growth could exceed the expectations of 10% set by the Government.
An article in Prensa.com highlights developments in "commerce in the Colon Free Zone, hotels, air transport, port activities and the Panama Canal", as well "mining and quarrying, manufacturing , construction, energy, trade, banking, telecommunications and real estate. "
In the second quarter GDP rose by 3.7%, exceeding growth recorded in the previous quarter.
The strong economic dynamism experienced by Guatemala seems to be shared by all economic activities from agriculture to services.
While all sectors showed positive changes in the quarter under review, some performed better, such as the transport, communications and storage sector, which showed an increase of 4%.
In the first three months of the year the Gross Domestic Product (GDP) grew more than 3%.
Activity in the mining industry and an increase in lending by banks account for most of the 3.1% growth in Guatemala’s gross domestic product.
On the other hand, the construction and power supply sectors showed contractions, according to data presented by the Central Bank of Guatemala (Banguat).
español
6931
