Guatemala GDP Q3 2020


Guatemala: GDP slides at softer rate in Q3

January 14, 2021

GDP declined at a markedly slower pace in the third quarter, decreasing 1.8% on an annual basis (Q2: -9.6% year-on-year).

The upturn reflected a broad-based improvement in private consumption, public spending, fixed investment and exports. Household spending slid at a more moderate pace of 0.9% year-on-year in Q3 compared to the 8.5% contraction recorded in Q2. Fixed investment dropped 7.0% in Q3, softening from the 17.8% decrease logged in the prior quarter. Public spending declined at a less pronounced pace of 0.8% in Q3 (Q2: -2.3% yoy).

On the external front, exports of goods and services fell 4.3% on an annual basis in the third quarter, which was above the second quarter's 20.0% contraction. In addition, imports of goods and services contracted at a more moderate pace of 8.3% in Q3 (Q2: -16.7% yoy).

FocusEconomics Consensus Forecast panelists expect the economy to contract 3.2% in 2020, which is down 0.3 percentage points from last month’s projection. For 2021, our panelists expect the economy to grow 3.8%, which is up 0.1 percentage points from last month.


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Guatemala GDP Chart

Guatemala GDP Q3  20 20

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

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