The Central Bank of Nicaragua updated its macroeconomic forecasts for 2023-2024, anticipating an increase in GDP between 4% and 5% by the end of the current year, and between 3.5% and 4.5% growth in economic activity in 2024.
“In this new note on Macroeconomic Perspectives 2023-2024, the BCN is once again increasing the range of expected growth of the Gross Domestic Product (GDP) for the year 2023 to 4.0 – 5.0 percent (3.0 – 4.0% in the October projection)”, said the banking entity of the Latin American country.
Economic activity would grow in 2024
In addition, it established for the year 2024, “a projection range for the growth of economic activity of 3.5 – 4.5 percent, with the expectation that the positive sector dynamics observed this year will be maintained”.
The main factors that have driven Nicaragua’s economic growth in this period are “exports, revenue, credit, remittances, tourism, among others, as well as the positive evolution of the country’s main trading partners”, according to the financial institution.
The BCN detailed that Nicaragua’s economy has overcome cyclical variations this year, maintaining continuous growth and exceeding expectations. It has retained its dynamism even in an environment of global economic slowdown.
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Likewise, he described that the financial sector has experienced solid development, with an increase in credit activity and improvements in credit quality and profitability. Financial stability is attributed to economic dynamism, positively affecting the expectations and payment capacity of households and companies.
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