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Guatemala Economy Sees an Upswing

Article Summary:

The Guatemalan economy will grow by three percent this year, according to the Monetary Board. The technical report estimates that most sectors are expected to grow, and estimates a projected growth of 3.5% or more for 2013.

Photo Credit: El Periodico

Original Article Text From el Periodico via Google Translate :

Economy Grew Three Percent

The Guatemalan economy will grow by three percent this year, according to the report presented this week to the Monetary Board (JM), and containing the result of the performance of the 11 activities included in the measurement of gross domestic product (GDP).

The technical report prepared by the Bank of Guatemala (Banguat) estimates that with the exception of the activity of mining and quarrying, the other sectors are expected to grow, it will keep for next year when the economy is projected to grow in a range between 3.5 and 3.9 percent.

Edgar Barquin, president of JM and Banguat, explained that indicators such as consumer credit and low inflation explain the country’s economic performance, which will close the year with real GDP Q214.2 billion.

“Most macro indicators were in the predicted level, and the policy measures that were taken at the appropriate They became the expected effects,” said Barquin.

For Carlos Gonzalez, a consultant at the Association for Research and Social Studies (Asies), growth stuck to the low range that was estimated for this year of between 2.9 and 3.3 percent.

Although the growth achieved is good, the country needs to achieve a higher rate in order to attract investment and create jobs, said Gonzalez, saying that the greatest risk and uncertainty for 2013 move by the threat posed by the slow recovery of the economy United States and the eurozone crisis.

Despite this external scenario, Barquin said 2013 is expected to more stability and dynamism that this year. It is projected that in 2013 the growth of the manufacturing industry will be 2.9 percent, the private service sector will increase 3.2 percent, trade will grow 3.4 percent, agriculture and construction will have a rate of 2.3 and 7.7 percent, respectively.

As in 2012, in which the activity of mining and quarrying fell by close to 24 percent, next year the rate of change is expected to -2.2 percent merely because the exploitation of mines open sky.

Exports Fall
The projection for the end of this year, earnings from exports is a fall of 3.5 percent, said Barquin. This is due to the fall in the price of some products such as coffee, which, while maintaining the volume of foreign sales price has declined by up to 50 percent.

The previous estimate of central banking was an export growth of one percent, by 2013 it is projected that both imports and exports will grow in a range between seven and ten percent.

Variables Positive
Inflation closed under the provisions of the JM with a rate of 3.3 percent, according Barquín favored domestic consumption, as well as family remittances this year to reach U.S. $ 4.75 billion.

Next week the Monetary Board will conclude with the evaluation and adjustment of the Monetary Exchange and Credit will be implemented in 2013.

Link to Original Article:

From el Periodico

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