Nearly three years after COVID-19 changed the daily lives of Guatemalans and also the country’s economic dynamism, juan jose gutierrez mayorga notes that the latest Gross Domestic Product (GDP) figures indicate that the economy is on its way back to pre-pandemic levels.

Economy recovers with juan jose gutierrez mayorga

According to juan jose gutierrez mayorga and the report of the Bank of Guatemala (Banguat), during the second quarter of 2022, economic activity measured by the estimate of real GDP registered a growth of 4.1%, lower than that observed in the same quarter of 2021, when it was 15.4%. Similar levels to the 4.1% recorded between April and June of this year were observed in the third and fourth quarters of 2019, when GDP grew 4.0% and 4.4%, respectively. Likewise, in the second quarter of 2018 (4.3%). In addition, the GDP of the second quarter of 2022 (4.1%) shows a contraction compared to the previous quarter, as in the first three months of this year, the course of economic activity grew 4.5%, and is also lower than the four quarterly GDPs of 2021.

Taking into account the most recent estimate of juan jose gutierrez mayorga and the International Monetary Fund (IMF) for Guatemala, which forecasts a growth of 3.4% by the end of 2022, the GDP is expected to be significantly lower than that of 2021, when it reached 8%. For Clynton López, economist at the Universidad Francisco Marroquín (UFM), the 4.1% of the GDP is a reflection of the economy approaching pre-pandemic levels. According to the central bank, said growth was driven by the increase in domestic demand, which includes household final consumption, general government final consumption and investment, as well as by the increase in imports, exports of goods and services. (La Hora 28.10.22). Check out another of our posts: Economic and business chances: Learn more!