During the first half of the year, GDP grew at an average rate of approximately 2.5%, driven mainly by the rebound in activity in the primary sectors.
However, the recovery in non-primary sectors linked to domestic demand remains modest, given that families have not yet perceived significant improvements in their financial situations. At APOYO Consultoría, we anticipate that the recovery in the sectors most closely linked to household consumption, especially in non-essential spending categories, will be more pronounced in the second half of the year.
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Partner and principal economist
During the 2Q2024, economic growth was driven by the rebound of primary sectors, such as traditional agriculture and fishing, and by higher public spending, supported by an estimated increase of 11% in public wages and 16% in public investment, adjusting for inflation.
During the month of August, attention was focused on the dynamics within Congress. In view of the election of the Board of Directors and the recomposition of the ordinary commissions, numerous movements were recorded in the benches.
Although the implicit alliance between the Executive and the Legislative remains in force, in recent months we have seen a progressive weakening of the Executive.
