Thursday, 27 December 2018 11:30

BCR: Growth of the economy will be 2.6% in 2018 and 2019

Written by Dinero

In the first three quarters of 2018, the real Gross Domestic Product registered an average growth rate of 2.6%, three tenths higher than the average registered in the same periods of the previous year. The Central Reserve Bank (BCR) reported that only during the third quarter, real GDP grew 2.1%.

The trend registered by economic activity this year and the evolution of short-term indicators, together with the good economic growth dynamics of El Salvador's main trading partners, the BCR confirms the projection of real GDP growth of 2.6 % for the year 2018 and 2019.

The President of the BCR, Óscar Cabrera indicated that the United States, the main buyer of salvadoran goods and services, maintains a solid economy in terms of economic growth and employment, which generates favorable economic effects in El Salvador.

He also explained that the dynamics of growth in these first three quarters is explained by contributions from private consumption (3.2%), gross fixed capital formation (1.2%), and public consumption (0.3%). Exports of goods and services contributed 0.6%, while imports subtracted growth to 1.4%. The official explained that only during the third quarter, real GDP grew 2.1%.

The sectors that contributed most to the average economic growth between January and September were Manufacturing and Construction, which added 0.4% each, while Trade and Repair of Automotive Vehicles contributed 0.3%.