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The economy discounted to the base year 2014 grew by 4.1% in the first quarter of the year, distinguishing itself from the performance of trade and other services, as well as from consumption, according to the figures presented yesterday by the BCP. The monetary entity maintains the annual projection at 4.5% and does not exclude an upward adjustment.
Commercial activity played a major role in the economic data for the first quarter of the year. This commercial reactivation took place mainly in the frontier border waters and in the great Asunción by the tourist entry of Argentina and Brazil, according to the technical details that the Central Bank announced yesterday
The category services and trade it grew by 5.8% compared to the first quarter of 2017 and had a 60% share in the GDP generation of the respective period. In addition to services, the production of industries and energy production were also highlighted, the PCO technicians detailed in a press conference.
Another component that showed a good performance in the first quarter was domestic demand, with a 5.6% increase in the overall. Once disaggregated, private consumption grew by 5% while public consumption rebounded by 9.4%.
The performance of state consumption is strongly linked to the presidential elections, which entail a series of expenditures by the government in various fields. In addition to the rebound in spending, investments for gross capital formation also increased by 2%.
In terms of external demand, foreign trade data confirm export growth of 3.9% and exports of 5%. , 8% of imports during the first quarter of the year
Attentive in Brazil
For Miguel Mora, chief economist of the Central Bank, foreign trade data confirm that the dynamics of imports still firm. Despite lower growth in re-exports to Brazil, the figures remain positive and in line with the political and financial context of the neighboring country. However, it is clear that Brazil is a major trading partner with a 35% stake and, in this sense, it is more worried about what is happening there than Argentina, said M Mora
. , the change in the exchange rate in Brazil was lower than in Argentina. "Brazil still has enough momentum to help Paraguay's growth, particularly with regard to the dynamics of re-exports," said Miguel Mora.
Consumption does not worry
According to the economist, The performance of domestic consumption does not raise much concern, which is based on the growth sustained imports in the different areas. In addition, with regard to the lower influx of Argentine tourists, he explained that this situation is temporary and that it will not have a greater impact on economic forecasts for this year.
The parent bank supports the projection of GDP growth. 4.5% at the end of the year and does not rule out an upward adjustment in the next revision.
Livestock and Constructions
Livestock activity shows a -4.1% reduction over the same quarter of 2017. This behavior was influenced by the decline in cattle slaughtering level, the main element of the sector, according to the report of the central monetary entity.
With respect to the construction sector, the report shows a -6.3% drop in its interannual performance compared to the same quarter of 2017.
This reduction in activity was influenced by the adverse weather conditions in the reference period, which hindered the normal execution of the work. There was also a lower demand for entrances related to the sector.
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