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Guatemalan economy shows signs of recovery
Yesterday, non-profit private sector foundation Fundesa warned that evidence of a dynamic growth in Guatemala’s economy is tempered by a resurgence in the worldwide oil price.
The positive trend in the country’s economic activity -that began in September- is attributed to trade, industry, agriculture, telecommunications and water and electricity provision. Increased remittances that hit a record US$11.3bn in 2020 have offset drops in industries such as tourism and are projected to continue to rise. In January, Guatemala received US$907 million, a 9% increase year-on-year.
Non-traditional products drove exports to US$8.02bn, an increase of 4% on 2019. The main increases were in cardamom, fruit and vegetables, other food products and chemicals. More traditional products such as coffee, sugar and bananas saw a decline in exports.