LatinNews Daily - 13 September 2023

In brief: Nicaragua’s central bank hails Q2 2023 GDP growth

* Nicaragua’s central bank (BCN) has released new figures which show that the country’s GDP in the second quarter of 2023 rose by 4.0% in year-on-year terms, up from 3.6% growth in the first quarter. GDP was also up by 1.5% compared with the previous quarter. The latest result brings GDP growth in the first half of 2023 to 3.8% compared with the same period in 2022. As regards sectoral growth, year-on-year growth in Q2 2023 was driven by hotels and restaurants (+22.6% year-on-year), electricity (+16.4%), construction (+8.8%), financial intermediation and related services (+6.2%), transport and communications (+4.6%), and trade (+4.4%), among other economic activities. The latest estimates from the United Nations Economic Commission for Latin America and the Caribbean (Eclac), released on 5 September, forecast Nicaragua’s GDP will grow 2.4% in 2023. This is above the forecast for El Salvador (2.1%) but below those for Costa Rica (3.8%), Guatemala (3.4%), Honduras (3.4%), and Panama (5.1%).

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