Snapshot
Economic activity picked up in the second quarter, according to preliminary estimates from the Central Bank. GDP expanded an annual 1.7% in the second quarter, which was slightly faster than the 1.6% rise recorded in the previous quarter. Moreover, economic activity grew 4.0% year-on-year in August, which was above the 3.6% increase observed in July. On a negative note, heavy rain in mid-October flooded towns and fields across the country, leaving more than 50,000 people jobless and homeless. The cost to the economy is likely to reach 3% of GDP.
