Sunday, 02 October 2022 15:59

BCR confirms 2.8% growth for the second quarter of 2022

Written by Evelyn Alas

The Banco Central de Reserva (BCR), affirms that the economic growth for the second quarter of 2022 is 2.8%. In this sense, the President of the BCR, Douglas Rodriguez affirms that El Salvador will not have a recession this year.

He said that 72% of the productive activities of the salvadoran economy registered an increase in the second quarter of 2022. In other words, 15 of the 19 economic activities supported the development of the economy in this period. In the first place, electricity stood out with 15.3%, administrative and support services 11%, construction 10.3%, personal services 6.6%, health 5.5% and communications 5%.

ComexPerú - Sociedad de Comercio Exterior del Perú

Another of the activities that contributed to the salvadoran economy is the credits for construction in this mentioned period increased 11.3% and the prices of gravel, pvc, diesel and polines reduced their cost in this quarter generating that this sector had a greater dynamism. Likewise, in real estate services, data show that salvadorans and companies are acquiring real estate for business and home, both for rent or property, which has registered a growth of 3.4%.

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Commerce increased 3.2% due to the demand for food, beverages, fuels and construction materials that boosted this activity.

This indicates that salvadorans have dedicated more emphasis in this period, their income to the construction, repair and remodeling of their homes, businesses or companies.

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Communications activity grew by 5.2% and represents the highest demand for telecommunications services, due to the digital transformation.

The dynamism was represented in restaurants and hotels that grew by 4.7%, due to june 2022, according to data from the Ministry of Tourism 1.1 million foreign tourists were registered increasing 129% compared to the same period of 2021.

In addition, the increase in the arrival of international visitors was stimulated by the arrival of the Easter vacations, showing the country as a safe tourist destination.

It should be noted that El Salvador has the Safe Destination seal granted by the World Travel and Tourism Council, as proof that the country has all the global standards for safe practices in tourism activities.