Guatemala: GDP accelerates in 2013
February 10, 2014
According to preliminary estimates from the Central Bank, GDP expanded 3.5% in the full year 2013. The figure was up from the 3.0% increase registered in 2012 and it was in line with last month's FocusEconomics Consensus Forecast.
The acceleration seen in 2013 was mainly due to improving domestic demand (2012: +2.7% year-on-year; 2013: +3.5% yoy), whereas the external sector deteriorated. Total consumption increased from a 3.1% expansion in 2012 to a 3.3% increase in 2013. Although gross fixed investment grew only 3.1%, after having added 4.2% in 2012, total investment benefited from a slower destocking process.
Exports of goods and services accelerated from a 2.0% increase in 2012 to a 4.7% expansion in 2013. Imports growth also gained momentum, rising from 1.5% in 2012 to 4.3% in 2013. The external sector's net contribution to overall growth fell from a flat contribution in 2012 to minus 0.3 percentage points in 2013.
The Central Bank expects the economy to grow between 3.3% and 3.9% in 2014. Consensus Forecast participants see GDP growing 3.5% in 2014, which is down 0.1 percentage points from last month's forecast. For next year, panelists expect the economy to expand 3.6%.