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Guatemala Economic Activity December 2023

Guatemala: Economic activity growth ticks up in December

Economic activity grew 2.8% year on year in December, which was slightly above November’s 2.7% increase. December’s reading marked the best result in Q4 2023 and chiefly reflected increased activity in the manufacturing, hospitality and real estate sectors. Moreover, robust growth in financial services aided the headline print.

Meanwhile, the annual average of economic activity was unchanged at November’s 3.5% in December.

The economy lost momentum in 2023, clocking in a 3.5% expansion (2022: 4.1%). Available data for the first three quarters of 2023 showed that activity in the manufacturing, hospitality and construction sectors grew at a softer pace than in 2022, and mining and energy supply contracted, weighing on growth. That said, Guatemala’s economy outperformed the Central American and Caribbean projected growth rate, thanks to accelerating expansions in agriculture and financial services in January–September.

Our Consensus is for momentum to wane further this year but remain above the regional average on slower domestic demand growth.

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