Latam 8 June 30

Economic activity fell 1.2% m/m in April. This is the third consecutive fall since February. Year to date the economy has grown by 8.2% against the same period in 2020, but this is mostly explained by the low comparison base. Compared to April 2019, only four out of 15 sectors are above 2019’s level, among which are Industry and Commerce. Among the hardest hit sectors we can mention Hotels and Restaurants (-52.6%) and Social and Healthcare services (-33.4%). The recovery will depend on the evolution of the pandemic and the arrival of new variants that could force even more mobility restrictions. For 2021 we expect a rebound of 6%.