Guatemala Economic Activity December 2020

Guatemala

Guatemala: Economic activity posts quickest growth in six years in December

February 12, 2021

Economic activity rose 5.3% in December (November: +2.5% yoy). The print marked the best result since December 2014, and highlights that the economy continued to gain traction at the close of last year. The uptick in December was driven by growth in the trade and vehicle repair; manufacturing; agricultural; and, communication sectors.

On a 12-monht rolling basis, economic activity contracted 1.8% in December, up from the 1.9% drop recorded in November.

Looking at the fourth quarter as a whole, activity firmed as the economy reopening almost completely in early October. In addition, strengthening remittances growth should have boosted household consumption. That said, the economy likely did not avoid contraction in the year as a whole. Turning to this year, economic growth is poised to return on the back of firming domestic and foreign demand amid the roll out vaccination programs and the gradual easing of restrictive measures abroad.

GDP is seen expanding 3.5% in 2021. For 2022, our panelists expect the economy to grow 3.6%.


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Guatemala Economic Activity December 20 20

Note: Year-on-year changes and annual average variation of economic activity in %.
Source: Guatemala Central Bank and FocusEconomics calculations.


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