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Economic Outlook

29/08/2024

3Q2024 starts with clearer signs of recovery in private domestic demand


During the 2Q2024, economic growth was driven by the rebound of primary sectors, such as traditional agriculture and fishing, and by higher public spending, supported by an estimated increase of 11% in public wages and 16% in public investment, adjusting for inflation.

Thus, GDP grew 3.6% thanks to these factors, but other components showed a more moderate performance, such as private consumption, which increased only 2.3%; private investment, which decreased 0.2%; and private formal employment, which grew 1.8%. In contrast, the economy between July and this month would be registering more generalized growth. In fact, we estimate that GDP grew 3.5% in July, similar to what was observed in the 2Q2024, but driven by different drivers, such as the construction and manufacturing sectors, which reflect the dynamics of private investment, and by an acceleration of household spending.

To access the complete report contact us at: contactaSAE@apoyoconsultoria.com

Pablo del Águila

Head of Research

OUR PERSPECTIVE

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2024 was a year of inflection in the economic cycle, where there was moderate growth after the recession of 2023.

Congress strikes new blow in favor of illegal mining in the face of a government with no response

Last week, Congress removed Energy and Mines Minister Rómulo Mucho from office with 80 votes in favor, 4 against, and 10 abstentions. Of the 13 parliamentary groups in Congress, 11 supported the motion.

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