LatinNews Daily - 11 June 2020

* Nicaragua’s central bank (BCN) has reported that the country’s GDP increased by 1.8% year-on-year in the first quarter. Nicaragua’s economy has been in recession since 2018, and the latest data has been hailed as a sign of an incipient recovery, despite the global economic crisis produced by the coronavirus (Covid-19) pandemic. According to a BCN report, the first quarter growth was driven by increased activity in the agriculture and mining sectors. BCN president Ovidio Reyes said that this is the first time that Nicaragua’s GDP has increased following seven consecutive quarters of contraction, and that this demonstrates the resilience of Nicaragua’s economy in the face of the pandemic. However, Reyes was clear that despite the encouraging first quarter result, it is still expected that Nicaragua’s GDP will contract by between 4% and 4.5% this year due to the negative impact of the pandemic on the tourism and services sector.

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