The president of the Central Reserve Bank (BCR), Julio Velardereported that the monetary entity maintains its economic growth projection at 3.1% for this year.
At a press conference, he stated that there is an upward bias, however he revealed that the outlook will be clearer towards the end of 2024.
The BCR also maintains its growth projection of 2.3% for private investment, while for public spending it estimates an increase of 13.7% and no longer the 12% it previously estimated.
“Business investment is growing. (…) But what is pulling down is residential investment,” Velarde said, indicating that there is indeed a greater disbursement by companies.
On the other hand, it estimated that the fiscal deficit will reach 3.3% of the Gross Domestic Product (GDP), above the 2.8% estimated three months ago.
It should be noted that the Multiannual Macroeconomic Framework projects that the deficit will reach 2.8% of GDP, which means that if the year ends with the BCR’s projection, the fiscal rule would not be met for the second consecutive year.
