Latam 8 June 30

Economic activity is evolving with ups and downs since the beginning of the year. In February it grew 1.1%, in March it fell again 0.8% and in April it recovered 0.6%. Year-on-year positive rates are observed but it is mainly because of the low comparison base. In the accumulated of the year the economy grew by 5.7% y/y but we must remember that in this period of 2021 there were sanitary restrictions. The most dynamic sectors were Hotels and Restaurants (35% y/y), Fishing (15.9%), and Mining (14.3%). Manufacturing and Construction, two of the most important activities grew 4.8% and 3.8% respectively. With a statistical carryover of more than 4%, we expect that real growth will be 3.5% in 2022.