Honduras International Reserves (months of imports)

GDP grew at the softest annual rate in nearly two years in Q3, largely due to base effects. Meanwhile, in seasonally adjusted quarter-on-quarter terms, GDP grew at the fastest rate in a year. This was driven by a small acceleration in consumer spending and a rebound in capital investment growth, which more than offset slowdowns in public spending and exports. In Q4, the economy appeared to cool in year-on-year terms due to double-digit inflation. In October–November, industrial activity grew at the slowest average rate since October 2021, and agricultural and commerce activity contracted at the sharpest average rate in nearly two years. Indeed, in those same two months, economic activity index grew at the weakest average rate since February 2021.