LatinNews Daily - 13 May 2021

In brief: Paraguay shows first signs of economic recovery

* Paraguay’s central bank (BCP) has released the latest data of its monthly indicator of economic activity (Imaep), which shows that economic activity in the country rose by 8% year-on-year in March. This is the first positive Imaep result since the start of the year as the level of activity fell in both January and February compared to the same months last year. A BCP report notes that the strong increase in activity in March has offset the negative variation in the first two months of the year, bringing the cumulative Imaep in the first quarter to 0.7%. According to the report, the Imaep increase in March was driven by rising activity in the services, manufacturing, and agricultural sector but weighed down by lower activity in the electricity production sector. Paraguay’s GDP fell by 1% last year on the back of the economic crisis produced by the coronavirus (Covid-19) pandemic. But the BCP expects a solid recovery this year, forecasting GDP growth of 3.5%. 

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