Guatemala: 2019 Better Than 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.

Friday, December 14, 2018

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%.

Sergio Recinos, president of Banguat, explained to Prensalibre.com that the factors influencing greater economic growth are "... the approval of the budget, since more public investment is planned that will have a multiplier effect on the economy. Foreign exchange income from family remittances, which although it will have a slowdown (slower growth rate) compared to 2018, the offices will reach US$10.000.86 million, or a 8% growth."

Recinos added that "... Imports and exports of goods will also contribute to the economy, as well as the construction sector activity, which will have a greater rebound, especially in public and private infrastructure. On the other hand, a recovery of bank credit to the private sector is also expected. We are estimating a growth range with the different variables'.” See "This is why Banguat is more optimistic in its economic growth forecast for 2019."

Read full article (In Spanish).

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More on this topic

Economic Growth Revised Downward

July 2018

Due to the eruption of the Volcano of Fire and suspension of the operations of the San Rafael mining company, combined with a drop in the international prices of sugar, coffee and natural rubber, the economy is expected to grow less in 2018.

According to the Bank of Guatemala (Banguat), the projection for economic growth for this year is currently 3.4%, with a range of between 3% and 3.8%. However, due to the events registered throughout the year, it is expected that the growth rate could be reduced to 3%. 

Difficulties for the Guatemalan Economy

June 2018

The poor performance of the mining sector and the decline in the export price of sugar and coffee could have a negative impact on the outlook for economic growth this year.

According to Bank of Guatemala (Banguat), the recent performance of short-term indicators of economic activity such as the Monthly Index of Economic Activity, imports and family remittances, among other things, they anticipate a performance consistent with the estimate for the end of the year, which ranges between 3% and 3.8%.

Guatemala: Economy to Grow between 3% and 3.8%

May 2018

Explained by the dynamics of economic activity and the flow of family remittances, the Central Bank estimates that this year the economy will grow between 3% and 3.8%.

According to the authorities at Banco de Guatemala (Banguat), by 2019 the expectation is that the economy will grow between 3.1% and 4.1%, and in relation to inflation for this year and next, it is expected that the Growth rate will remain close to 4%.

Guatemala: Economic Outlook 2017

December 2016

The Bank of Guatemala has left the monetary policy rate unchanged, citing uncertainty and weakness in the international context, and expects growth of 4.9% in GDP in 2017.

In the domestic environment the Bank of Guatemala (Banguat) stressed that economic activity continues to record behavior consistent with the target range for 2016 (between 3.1% and 3.7%), which is reflected in the evolution of several economic activity indicators (Monthly Index of economic activity, bank credit to the private sector in domestic currency, volume of imports and remittances, among other things).

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