Latam 8 April 5

The economy rebounded 10.3% in 2021 after the collapse of 9.9% in 2020. In the fourth quarter, activity grew 1.5% compared to the third quarter s.a. and 8.6% y/y. Investment and private consumption were the components of aggregate demand with the best performance. On the supply side, the largest year-on-year increases were in sectors that had been the most affected by the lockdown measures and, therefore, in 2021 benefited from the reopening, such as theaters, hotels, and restaurants. In January, activity fell 0.5% monthly due to a COVID outbreak and restrictions on imports. For 2022 we expect 3.5% growth, below the statistical carryover left by Dec-21 of 4.1%.