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Guatemala Economic Activity January 2023

Guatemala: Economic activity growth slows in January

According to preliminary figures by the Central Bank of Guatemala, January’s economic activity index eased year on year to 3.1%. This marked a deceleration from December’s 3.8% growth. Looking at the details of the release, the construction sector performed worse, while the real estate, financial services, manufacturing, and vehicles trade and repair sectors continued to expand robustly.

Meanwhile, the index continued to trend down: Annual average growth cooled to 3.9% (December: +4.0%).

Looking ahead, the economy is likely shifting into a lower gear in the first quarter of 2023: Higher interest rates and resurging inflation are likely denting spending and investment. That said, stronger remittances growth in the first two months of the quarter is likely buttressing household budgets.

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