Guatemala GDP


Guatemala: Economy accelerates in Q2

October 7, 2014

In the second quarter, the economy expanded 4.3% over the same period of the previous year. The expansion marked an improvement compared to the revised 3.5% increase (previously reported: +3.4%) tallied in the first quarter.

The acceleration in Q2 reflects an improvement in the external sector, whereas domestic demand decreased compared to the previous quarter. Government consumption increased by 6.3%, which represented a slowdown from Q1’s 8.1% expansion. However, private consumption ticked up to a 4.4% rise from Q1’s 4.1% increase. In addition, fixed investment performed worse than in the previous quarter, falling from a 3.7% expansion to a 2.0% increase in Q2.

On the external side of the economy, exports of goods and services grew 7.1%, which was markedly higher than Q1’s 4.4% expansion. Conversely, imports decelerated to a 4.1% expansion (Q1: +4.9% year-on-year). As a result, the external sector’s net contribution to overall growth swung from minus 0.6 percentage points in Q1 to plus 0.3 percentage points in Q2.

The Central Bank expects the economy to grow between 3.3% and 3.9% in 2014. Consensus Forecast participants see GDP growing 3.4% in 2014, which is down 0.1 percentage points from last month’s forecast. For 2015, panelists expect the economy to expand 3.5%.

Author: Angela Bouzanis, Senior Economist

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Guatemala GDP Chart

Guatemala GDP Q214

Note: Year-on-year changes of GDP in %
Source: Guatemala Central Bank and FocusEconomics Consensus Forecast

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