The crisis hits Guatemala

The international crisis has started to show in the country, according to indicators, consumption has been one of the most affected.

Wednesday, December 3, 2008

A sign of this is the income from remittances recorded by the Bank of Guatemala (Ban-guat), which after an increase of 14.3% as of November 20, 2007, this year for the same period the increase was only 5.0%.

The most revealing thing was that, according to the International Organization for Immigration, 50% of what is sent home by Guatemalans in the United States is used from consumption. Up to now there had been now drop, however the slowdown of the growth rate is significant.

Another important point is the tax income. The Tax Superintendence (SAT) reported that the domestic Value Added Tax (VAT) up to October of last year showed an increase of 37.3% while for the same period this year it was only 4.5%.



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Central American Banks: Special Report

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Guatemala: 7 Months of Crisis

September 2009

Key economic indicators show less economic deterioration than other countries of the region.

An article in Prensa Libre published comments by two Guatemalan economists, Mario Cuevas and Carlos González Arévalo. The former is president of the Center for Economic Investigations (CIEN), while the latter represents the Association for Social Studies and Investigations.

Analysts see adverse effects in the Salvadoran economy

September 2008

Lower economic activity and the rise in interest rates are signs that the economy is being affected by the financial crisis in the US.

Some economic analysts warned yesterday that the effects from the financial crisis in the United States, which has been going on for over a year and which has gotten worse recently, are beginning to show up in the Salvadoran economy.

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