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Official economic indicators for second quarter 2017 have not yet been disclosed, however, expectations are more optimistic than they were for first quarter. At the end of May, when the last report by the National Institute of Statistics and Informatics was released, GDP growth was 3.39%, which was the 94th consecutive month of growth. This also takes into account all of the natural disasters and political events that occurred during the first half of the year. As such, the International Monetary Fund is projecting a GDP growth rate of approximately 2.8% for year’s end - with the expectation that this trend will continue and that GDP will grow by 4.2% in 2018. According to the National Institute of Statistics and Informatics, the sectors that positively stimulated GDP between January and May were: Fisheries (+ 91.7%), Public Administration, Defense and Others (+ 4.13%), Manufacturing (+ 2.74%), and Mining and Hydrocarbons (+ 2.21%). Construction (- 5.58%) and Agriculture (- 1.43%) were the biggest drag on GDP growth. Agricultural production was down due to smaller areas being harvested this year, lower yields, and the consequences of the El Niño Phenomenon, and were mostly isolated to the northern and central parts of the country.
Source : Cushman & Wakefield
