Central Bank clarifies economy grew 7.3 % in 2014

The Central Bank reports that a study of the bank’s preliminary data has allowed for a revision of the 7.1 % growth in GDP in 2014 to 7.3 %. The Central Bank says that the additional 0.2 % comes from construction that was originally estimated to have value added growth of 11.4 % for January-December. This has been revised to 13.8%.

Growth rates by sector were as follows: farming (4.4%), mining (20.3%), local manufacturing (5.5%), construction (13.8%), energy and water (4.7%), commerce (4.9%), hotels, bars and restaurants (7.5%), transport and warehousing (6%), communications (5.2%), financial services (9.1%), education (8.4%) and health (7.6%), for a combined 70%.

The growth of the sector has been attributed to an increase in steel rebar sales from 15.1% to 17.6%, and in loans.

According to the Central Bank, 2014 was a year of economic consolidation.

[February 2015]