Construction Keeps Rising

In 2018, the construction sector in Guatemala registered a nearly 4% growth, which reinforces the upward trend that has been reported since 2011.

Friday, January 25, 2019

Data from the Guatemalan Chamber of Construction (CGC) detail that from 2011 the sector has reported growth rates, reaching its highest level in 2014 when the recorded increase was 4.4%.

You may be interested in “Construction: $320 Million in New Projects

Sergio Recinos, president of the Banco de Guatemala, said to that "... it is estimated that the sector will register a 2.9% growth in 2019, influenced by the favorable evolution foreseen in the construction of private buildings for residential and non-residential use, and by the expected increase in the execution of civil engineering works by the Central Administration."

Another factor that could influence the growth of construction in the country for this year is the streamlining of procedures, since in December 2018 representatives of the Ministry of Economy (Mineco), reported that the plan is that through the Single Window of Construction, construction companies can process licenses digitally.

See “Construction: Digital Procedures in Guatemala

In this regard, the article states that "... Janio Rosales, executive director of CGC, was optimistic about the Single Window for Construction project, promoted by Mineco, because he believes that it will make the licensing approval process agile and facilitate the construction of more works in the national territory."

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More on this topic

Construction in Guatemala: Forecasts for 2021

January 2021

The government and businessmen agree that 2021 will be a good year for construction, as the Bank of Guatemala projects that the sector will grow by 7.5%, while the builders' guild estimates that activity will increase by 3%.

According to official forecasts made by the central bank, it is estimated that during 2020, economic activity in the construction sector fell by 7.4% due to the crisis caused by the outbreak of covid-19.

Business Optimism on Election Day

May 2019

Two weeks before the General Elections in Guatemala, the business sector perceives a favorable environment for business because of the behavior of the country's economic activity.

According to the Business Perception Survey, compiled by the Coordinating Committee of Agricultural, Commercial, Industrial and Financial Associations (Cacif), 67% of the consulted businessmen foresee stability in employment and 50% thought that there is a stable economic environment for companies. These expectations of the private sector are reported in the final stretch of the country's electoral process.

Guatemala: Growth Projections Improve

February 2019

The behavior of credit to the private sector, public spending, imports and remittances would explain the higher growth expected for the economy this year.

The Bank of Guatemala (Banguat) reported that this year's economic growth is projected to range between 3% and 3.8%, with a central value of 3.4%, up from the 3.1% reported during 2018.

Guatemala: 2019 Better Than 2018?

December 2018

The Bank of Guatemala expects next year's economic growth to be better than in 2018, which would be caused by higher public spending and the growth of family remittances.

Authorities of the Bank of Guatemala (Banguat) informed that the Guatemalan economy will close 2018 with a nearly 3% growth, however, for next year is expected that the increase in GDP will be in the range between 3% and 3.8%.

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