Central Bank: economy shows 7.5% growth

Central Bank governor, Hector Valdez Albizu, said that the economy showed economic growth of 7.5% in July despite the significant 10.6% fall in the growth of exports, compared to last year.

Valdez highlighted the 6.5% accumulated growth of GDP for January-July, low accumulated inflation of 1.17%, an US$18 million surplus in the government Current Account, international reserves sufficient to cover 3.3 months of imports, record highs in tourism figures, good performance of remittances, free zone sector, farm exports and foreign direct investment.

Valdez Albizu said that July’s most dynamic economic sectors were mining with 33.8% growth and construction with 16.4% growth. He added that both the public and private construction sector invested mainly in low-cost housing solutions, highway infrastructure, school buildings and hospitals. He also mentioned financial growth of 13.1%, commerce 9.8% and local manufacturing was 6.9% among other areas of growth.

[September 2015]