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LatinNews Daily - 10 June 2021

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In brief: Nicaragua’s economy shows signs of recovery

* Nicaragua’s central bank (BCN) has released new figures which show that the country’s GDP in the first quarter of 2021 grew 3.4% year-on-year. This is the first positive growth for a quarter year-on-year since the coronavirus (Covid-19) pandemic struck in March 2020, after the economy posted declines of -1.9% in Q4 2020, -0.9% in Q3 2020, and -6.4% in Q2 2020. Growth in the first quarter of 2021 was driven by exploitation of mines & quarries (up 27.7% year-on-year); construction; (25%); the manufacturing industry (8.6%); and fishing and aquiculture (6.8%). However, some sectors continue to suffer as a result of the pandemic: hotels & restaurants contracted by 22.4% while financial intermediation & related services contracted 7.9%. Nicaragua’s GDP contracted 2% in 2020.