The head of the Ministry of Economy and Finance (MEF), Alex Contrerasreported this Tuesday that despite the contraction of GDP so far this year — it fell 0.24% from January to April — better results are expected for the third and fourth quarters.
“We expect a very strong recovery in the third and fourth quarters. There are obvious signs of recovery. There are isolated factors such as the drop in fishing due to climatic factors or agriculture, because fewer products were planted last year, but the trend is towards recovery“, he told the press at a ProInversión event.
In addition, he recognized that the second quarter will bring a “low” performance of the GDP but his portfolio is getting ready to face the El Niño Phenomenon. Only in August will they announce their new estimate of the economy for this year.
Regarding inflation, Contreras Miranda announced that for June it is expected to drop to 6.7% year-on-year — it currently stands at 7.9% —.
“When inflation subsides and we see that there are no pressures of this type, monetary policies will make the appropriate decisions and think about the recovery of our economy,” he added.
Source: Larepublica
Alia is a professional author and journalist, working at 247 news agency. She writes on various topics from economy news to general interest pieces, providing readers with relevant and informative content. With years of experience, she brings a unique perspective and in-depth analysis to her work.
