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).
A recently introduced fiscal reform bill could increase tax collection in $324 million a year.
Under the proposal, income tax will be lowered to 28% from its current 31%, while increasing taxes for dividend distribution to 10%, up from 3%.
"It also proposes to charge a tribute for the registration of new vehicles, and nationalizing imported products upon entrance to the country", reported Prensalibre.com.