LatinNews Daily - 24 April 2023

In brief: Nicaragua’s growth picks up in annual terms

* Nicaragua’s central bank (BCN) has released new figures for its monthly index of economic activity (IMAE), registering 3.5% year-on-year growth in February 2023. The February year-on-year figure compares with 3.3% in January and was driven by hotels & restaurants (+26.2%), transport & communications (+14.1%), mining and quarrying (+8.7%), trade (+6.8%), and manufacturing industry (4.6%). Meanwhile fishing & aquiculture was down 26.4% year-on-year, while construction was down 7.8%, and livestock by 1.8%. In seasonally-adjusted terms, the IMAE for February was down 0.1% on the previous month, while in year-on-year seasonally-adjusted terms, it was up 3.6% compared with February 2022. The latest (20 April) growth forecast from the United Nations Economic Commission for Latin America & the Caribbean (Eclac) projects that Nicaragua’s GDP will grow 2.3% in 2023, below the 3.1% average for Central America.

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