*El Salvador’s central bank (BCR) has raised its GDP growth forecast for 2024 from 3.5% to 4.0%. The improved forecast came as the BCR’s president, Douglas Rodríguez, announced that the economy grew by 2.6% (year-on-year) in the first quarter of this year. The BCR said that growth was recorded in 14 of the 19 economic sectors that are measured to calculate GDP, with the largest increases in entertainment services (+20.7%), government services (+7.5%), and transport (+6.9%). Rodríguez cited a number of political and economic factors as reasons for the economic performance, including the hard-line security strategy being pursued by President Nayib Bukele’s government, increased tourism during Easter and the onset of the cruise season and sporting events.
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LatinNews Daily - 28 June 2024
In brief: El Salvador’s central bank raises 2024 growth projection
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